Pressure for Djezzy nationalization rising

The Algerian government has intensified efforts to nationalize Djezzy, the country's largest mobile phone operator that is controlled by Naguib Sawiris, the Egyptian entrepreneur. Algiers' move to appoint financial advisers for Djezzy's nationalization is a setback for Vimpelcom, Russia's second-largest mobile operator, which last week announced plans to buy most of Mr Sawiris' telecoms assets, including the Algerian business. Vimpelcom is trying to persuade the Algerian government to drop its interest in taking ownership of Djezzy, which is part of Orascom Telecom, the Cairo-listed group founded by Mr Sawiris.