A freeze on Telenor’s shares in Russian operator VimpelCom has reportedly been lifted, bringing yet closer the completion of the merger between the Russian operator and Ukrainian mobile operator Kyivstar.
The bailiff seized Telenor’s VimpelCom shares…
A freeze on Telenor’s shares in Russian operator VimpelCom has reportedly been lifted, bringing yet closer the completion of the merger between the Russian operator and Ukrainian mobile operator Kyivstar.
The bailiff seized Telenor’s VimpelCom shares last year after the Norwegian company refused to pay the US$1.72bn in damages it was condemned to pay to Farimex in compensation for delaying the entry of VimpelCom into Ukraine. However, a few days ago, Farimex dropped its lawsuit. Telenor claimed that Alfa Group was behind Farimex, but the Russian firm has always denied any connection with VimpelCom’s minority shareholder.
Telenor and Alfa Group’s Altimo have decided to merge VimpelCom and Kyivstar to end a long-lasting battle which started with the Norwegian company’s opposition to VimpelCom’s acquisition of Ukrainian mobile operator URS.
Telenor will hold 38.84% of common shares and 35.42% of voting shares of the new entity, VimpelCom Ltd, while Altimo will hold 38.46% and 43.89% respectively. The free floats will be 22.7% and 20.69% respectively.
