Algeria kickstarted on Wednesday the process to select an adviser for the potential nationalisation of Djezzy, Orascom Telecom's biggest revenue earner.
Uncertainty over the future of the unit could undermine Russian telecom Vimpelcom's $6.6 billion bid to acquire a majority stake in Orascom and Italian mobile company Wind from Egyptian billionaire Naguib Sawiris.
Sawiris controls Wind and Egypt-based Orascom through his Weather Investments vehicle.
Orascom Telecom is eager for talks to start soon so it can settle how much Algeria will pay for Djezzy and whether some of Djezzy's equity can be transferred to Vimpelcom.
All 10 bids have been unsealed, according to a Reuters reporter attending the procedure at Algeria's Finance Ministry.
A ministry official said the winning bid would be selected at a later date but "as soon as possible".
Bids from HSBC, Renaissance Capital, Rothschild, Swicorp, Grant Thornton and law firm Curtis, Mallet-Prevost, Colt & Mosle LLP were opened. HSBC and Rothschild could not immediately be reached for comment.
Egypt's Orascom Telecom reluctantly agreed to talks with the Algerian government on Djezzy's nationalisation after it was blocked from selling it to South Africa's MTN and as Djezzy was hit with back-tax claims.