Altimo Subsidiary Fails In Bid For Orascom Telecom-Traders

An offer by a subsidiary of Russia’s Altimo to buy out minority shareholders in Egypt’s Orascom Telecom (ORTE.CA) failed on Monday because of insufficient take-up by shareholders, traders said.

Orascom Telecom shareholders offered to sell 15.9 percent of shares listed on the Egyptian stock exchange (EGX), below the minimum 26.6 percent required for the buyout.

Reuters