VimpelCom is reportedly no closer to reaching an agreement to sell its majority stake in mobile unit Orascom Telecom Algerie (Djezzy) to the Algerian government after recent talks ended in stalemate.
Dow Jones cited an unidentified official close to the…
VimpelCom is reportedly no closer to reaching an agreement to sell its majority stake in mobile unit Orascom Telecom Algerie (Djezzy) to the Algerian government after recent talks ended in stalemate.
Dow Jones cited an unidentified official close to the matter as saying the Algerian government rejected all 10 points Russia-focussed VimpelCom presented at meetings in Paris a fortnight ago regarding a new shareholders’ agreement. Algeria has since stopped all communication with VimpelCom, the report cited the source as saying.
However, a subsequent Reuters report quoting an unidentified source familiar with the situation as saying the talks are ongoing, but are at a “delicate stage”.
VimpelCom, which acquired its 51% stake in Djezzy and its parent Orascom Telecom Holding (OTH) as part of a 2011 merger with Wind Telecom, tried unsuccessfully to contact the Algerian government last week, the report claimed.
VimpelCom declined to comment on the matter. Algeria’s finance ministry and Djezzy were not immediately available for comment.
VimpelCom announced in 2012 that it would sell the stake to Algeria, which has said it wants to nationalise Djezzy, subject to agreement on price.
