Member access

4-Traders Homepage  >  Shares  >  Nyse  >  VimpelCom Ltd (ADR)       US92719A1060

SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

Russia watchdog says government backs its Telenor claim

05/02/2012 | 12:56pm US/Eastern
Recommend:
0

Russia's competition watchdog said on Wednesday its bid to overturn Telenor's (>> Telenor) recent increase of its stake in mobile operator Vimpelcom (>> VimpelCom Ltd (ADR)) was supported by the government's powerful commission on foreign investment.

Russia's competition watchdog said on Wednesday its bid to overturn Telenor's (>> Telenor) recent increase of its stake in mobile operator Vimpelcom (>> VimpelCom Ltd (ADR)) was supported by the government's powerful commission on foreign investment.

Telenor boosted its voting stake in Vimpelcom in mid-February in a surprise deal with Egyptian tycoon Naguib Sawiris's company Weather, which saw the Norwegian group taking back partial control of Vimpelcom from Russia's Altimo.

However, Russia's Federal Anti-monopoly Service (FAS) filed a claim in a Moscow arbitration court last month, alleging the deal between Telenor and Weather violated the Russian Strategic Investment Law.

"Today we were talking about our actions in respect of the purchase by Norway's Telenor of (a stake in) Vimpelcom," the head of FAS, Igor Artemyev, told reporters after a meeting of the foreign investment commission which he attended.

"It (Telenor's stake purchase) was done without permission of the foreign investment commission. Today we have got full support of our actions, in particular (our) appeal to court."

The Government Commission on Monitoring Foreign Investment, chaired by Russian Prime Minister and President-elect Vladimir Putin, has sweeping authority over foreign investment in Russian companies.

The Moscow arbitration court issued an injunction order late last month prohibiting Telenor from voting with its shares in Vimpelcom to change the composition of its board and exercising its option to buy more shares.

It also scheduled the first hearing on the merits of FAS's claim for October 17.

Telenor's shares closed down 0.8 percent. At 1640 GMT, Vimpelcom's New-York listed stock was down 1.7 percent.

(Reporting by Darya Korsunskaya; Writing by Maria Kiselyova; Editing by Mark Potter)

Stocks treated in this article : Telenor, VimpelCom Ltd (ADR)
Recommend :
0
React to this article
Latest news on VIMPELCOM LTD (ADR)
2d ago VIMPELCOM : exits Wind Mobile: sells out to consortium of Canadian owners/invest..
2d ago VIMPELCOM : Group including Wind Mobile CEO to buy out majority shareholder Vimp..
2d ago Canada's Globalive buys Vimpelcom's Wind Mobile stake
2d ago VIMPELCOM : and Global Telecom Holding to sell their interest in Wind Canada
3d ago VIMPELCOM : Sources say Wind Mobile founder to buy out majority with help from W..
3d ago VIMPELCOM : Wind accepting tower bids until end-October
6d ago FACTBOX : Rule tweak may see Alibaba enter MSCI Global indexes
09/11 VIMPELCOM : Ukraine Moves to Exclude Russia Companies From 3G Auction
09/09 VIMPELCOM : ArmenTel kicks off PSTN digitisation programme in northern Armenia
09/08 NASDAQ 100 MOVERS : Regn, yhoo
Advertisement
Dynamic quotes  
ON
| OFF