Banco Santanderis frontrunner for the contract to advise the government on the sale of a stake in Algerie Telecom, having emerged as low bidder when prices were opened in mid-March. Five banks were competing for the contract, but BNP Paribas- to the surprise of the other bidders - was eliminated on technical grounds.
Santander submitted a bid of 0.15 per cent of the transaction value, closely followed by Rothschild at 0.25 per cent. Prices were also opened from Lazardand Societe Generale. A formal award is expected imminently. The selected bank will advise on the divestment, which is expected to see a 51 per cent stake sold to a strategic investor - probably a European operator. The sale process is expected to be launched in the third quarter. Algerie Telecom operates both fixed-line and GSM services in the country (MEED 11:4:04). Santander with Banque d'Affaires de Tunisieis also advising on the sale of a stake in state-owned Tunisie Telecom. www.meed.com/telecomsit
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