Russia's Altimo says makes offer for Orascom

MOSCOW, April 16 Tue Apr 16, 2013 4:06am EDT

MOSCOW, April 16 (Reuters) - Russian billionaire Mikhail Fridman's Altimo on Tuesday confirmed that a subsidiary has offered to buy 100 percent of Egypt's Orascom Telecom, while part-owner Vimpelcom will not tender its shares in the offer.

Egypt's stock exchange said in March that the Cyprus-based firm owned by Altimo offered $0.70 per share for all of Orascom Telecom's 5.245 billion shares.

Cairo-based Orascom Telecom, a heavyweight on the Egyptian Stock Exchange, is controlled by Russia's Vimpelcom, which together with subsidiaries owns 51.92 percent. Altimo owns 47.85 percent of Vimpelcom.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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