Algeria says will not negotiate with Vimpelcom
An investment bank would be appointed in January 2011 to advise the Algerian government on its acquisition of Djezzy-says minister.
October 25, 2010 3:10 by Reuters
Algeria will hold talks in the first half of 2011 with Orascom Telecom about the nationalisation of its local unit, but will not negotiate with Russia’s Vimpelcom , the telecoms minister said.
The minister, Moussa Benhamadi, also said an investment bank would be appointed in January 2011 to advise the Algerian government on its acquisition of the unit, known as Djezzy.
“Talks to acquire Djezzy will take place during the first half of 2011,” he told reporters on the sidelines of a session of parliament.
Asked about the role of Vimpelcom, which has signed a $6.6 billion deal to buy Orascom Telecom assets, he said: “We will negotiate with OTH (Orascom Telecom Holding) because it is our partner and the only owner of the licence.”
(Reporting by Hamid Ould Ahmed; Writing by Christian Lowe; Editing by Will Waterman)