Algeria continues to block Orascom sale

Deal between South Africa's MTN and Egypt's Orascom stalled by Algerian government

Tags: AlgeriaMTN GroupMergers and acquisitionsOrascom Telecom Holding
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Algeria continues to block Orascom sale Orascom Telecom's chairman Naguib Sawiris is keen to exit Algeria. (Getty Images)
By  ITP.net Staff Writer Published  May 27, 2010

Algeria's government remains intent on preventing Orascom Telecom from selling Djezzy, its Algerian mobile phone unit, to MTN Group.

The ongoing problem could mean an end to the proposed deal between Orascom and MTN, which could lead to the creation of the world's third biggest mobile phone operator.

Hachemi Djaaboub, Algeria's Trade Minister, said that the Algerian state "holds to its right of pre-emption over the sale of Djezzy and will not allow its purchase by the South African firm MTN," Reuters reported, via APS, Algeria's official news agency.

Algeria initially blocked the deal in April and indicated that it was interested in buying Orascom's Algerian unit itself.

2635 days ago
Sami

egypt needs a new government that will not undermine egyptian businesses abroad. that way th middle east can have cohesive political and economic policies.

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