Reuters: Global Markets: Vimpelcom opens up 2.5 percent on Algeria deal price

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Vimpelcom opens up 2.5 percent on Algeria deal price Mar 28th 2012, 13:52 MOSCOW | Wed Mar 28, 2012 9:52am EDT MOSCOW (Reuters) - New-York traded shares in Vimpelcom (VIP.N) rose 2.5 percent at the market open on Wednesday after Reuters reported that Algeria will pay $6.5 billion to acquire Vimpelcom's stake in Algerian mobile phone unit Djezzy. The shares were up to $11.23 by 1335 GMT, outperforming broad market indexes. Vimpelcom, Russia's No.3 mobile phone operator, bought Djezzy last year as part of a $6 billion deal to acquire the assets of Egyptian tycoon Naguib Sawiris, but the transaction immediately became clouded in uncertainty after the Algerian government said it wanted to nationalise the unit. Vimpelcom agreed to sell the 51 percent stake in Djezzy to the Algerian government in January, with analysts saying the whole unit was likely to be valued at up to $4 billion. A top finance ministry source told Reuters on Wednesday the government would pay $6.5 billion to acquire the stake.

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