Altimo boosts VimpelCom interest

As reported in Kommersant on 8 October 2012, Altimo has increased its  interest in VimpelCom to 41.87%, buying over 27 million shares on the open market for USD 317 million.

Meanwhile an attempt by the other main shareholder Telenor to raise its interest from 39.5% to 42.95% was not registered by VimpelCom due to an outstanding dispute between the Norwegian telco and Russia’s Federal Antimonopoly Authority and corresponding injunctive relief imposed by the court. The Russian regulator has claimed that Telenor had no right to increase its interest to 39.5% in a  transaction concluded in February due to the need for the main shareholders to own comparable shareholdings.

As the article points out, it is possible that Altimo could raise its interest to 42.95% through a further acquisition of shares, possibly buying an interest from minority shareholder Bertofan (owned by Ukrainian oligarch Viktor Pinchuk).

 

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