Egypt: Orascom talked with Vivendi about a tie-up
Link: Egypt: Orascom talked with Vivendi about a tie-up
Naguib Sawiris, the billionaire head of Egyptian cell phone group Orascom Telecom, has approached Vivendi about a possible telecoms tie-up but the pair failed to agree on price, Les Echos said on Friday. Sawiris said earlier this month that the minute there was an opening in France “we will go there.” Vivendi declined to comment on the report. The French newspaper said Sawiris had proposed to Vivendi to either do an equity swap, sell part of its assets or take a stake in the Paris-based media and telecoms group. The paper added that Sawiris had borrowed 4-5 percent Vivendi voting rights from French bank Natixis to put together a complex deal. Vivendi controls Maroc Telecom and SFR, France’s number two mobile operator, while Sawiris’ telecoms investments span Egypt, Algeria, Pakistan, Tunisia as well as Wind, Italy’s third largest Italian mobile carrier.
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