On the Money News: In Brief

Mergers, Acquisitions and Financial Results

* Reuters reports that Russia’s Vimpelcom and Naguib Sawiris are ‘close’ to signing a term sheet for the sale of the Egyptian tycoon’s holding company Weather Investments, which owns 50%-plus-one-share of Egyptian-based mobile group Orascom Telecom and 100% of Italian telco Wind Telecomunicazioni as well as controlling Greek operator Wind Hellas. The report, citing Italian newspaper Il Sole 24 Ore, said that Sawiris is looking at selling Weather to Vimpelcom with help from Lazard, Deutsche Bank and Citigroup. Vimpelcom declined to comment on the Il Sole 24 Ore report today whilst Orascom was not immediately available for comment.

 

* Outgoing Telkom chief financial officer Peter Nelson has offloaded more of the shares he holds in the JSE-listed telecommunications group. Telkom announced late on Friday that Nelson had sold nearly 40,000 shares worth more than R1.3m. He sold the shares last Thursday.