Vivendi pulls out of talks to buy Oger Telecom

18 November 2007
French telecoms group Vivendi has pulled out of talks to buy a 33 per cent stake in Oger Telecom, the telecoms subsidiary of conglomerate Saudi Oger.

Vivendi’s announcement on 19 November surprised investors as just five days earlier Jean-Bernard Lévy, president of Vivendi, said talks were “continuing in the right way”.
Saudi Oger was expected to ask for at least $1.5bn for the 33 per cent stake.
Oger Telecom paid Telecom Italia $477m to buy back a 10.4 per cent stake in June 2006.
A statement from the French group says: “Vivendi will continue to pursue its acquisition strategy in the best interests of its shareholders, with the emphasis on value creation at an acceptable price, combined with clear prospects of control.”
Oger Telecom owns both fixed and mobile phone operators in Turkey as well as internet service providers in Jordan, Lebanon and Saudi Arabia.

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