Egypt's Orascom Telecom (OT) is in talks to sell some of its assets to South Africa's MTN and has said on Thursday it will negotiate to sell its lucrative Djezzy unit to Algeria's government. Algeria stymied a broader deal to sell Orascom assets to MTN when it claimed it had a right to first refusal on Djezzy, which leads Algeria's mobile market by subscribers. Below is a chronology of events: Nov 16, 2009 - Orascom says a crowd of Algerian football supporters attacked Djezzy's headquarters, smashing windows and destroying office equipment. Nov 18 - Orascom says Algerian authorities said it owes $596.6 million in outstanding taxes and penalties. Dec 28 - Orascom appeals against Algerian tax claim. Feb 16, 2010 - Government and finance industry sources tell Reuters the Algerian government wants Orascom to give up ownership of Djezzy. April 12 - Egyptian investment bank EFG-Hermes outlines scenarios for a $9 billion sale of Orascom to the investment vehicle of Orascom's chairman. April 22 - A banking source says MTN is discussing raising $5 billion to buy assets from Orascom. April 23 - MTN says it is in talks about a potential deal to buy Orascom assets. April 27 - A source says talks to sell Orascom assets to MTN include Djezzy, its Telecel Globe-branded sub-Saharan assets and its 50 percent stake in a Tunisian operation. April 28 - Algeria says it will block any sale of Djezzy after the companies confirm talks are under way. May 26 - Algeria's trade minister says the government will not allow MTN to purchase Djezzy, an apparent rebuff to the South African request. May 27 - Orascom says it will enter talks to sell Djezzy to the Algerian government. June 2, 2010 - Orascom Executive Chairman Naguib Sawiris tells Reuters that MTN had offered to pay $7.8 billion for Djezzy before Algeria halted the deal. He says talks with MTN for other assets are not yet settled.
