Norwegian Telenor has turned to the arbitration tribunal with regards to its shareholding in Russian Vimpelcom, seeking to uphold a shareholders agreement between Telenor and Alfa Group’s Altimo.
The move was announced in a Telenor SEC filing.
In the…
Norwegian Telenor has turned to the arbitration tribunal with regards to its shareholding in Russian Vimpelcom, seeking to uphold a shareholders agreement between Telenor and Alfa Group‘s Altimo.
The move was announced in a Telenor SEC filing.
In the filing Telenor refers to a decision by Alfa Group subsidiary Altimo back in June to reduce its stake in Vimpelcom to below 25%. As a consequence of a reduction below the 25% threshold the agreement is currently scheduled to terminate on 10 December.
Telenor wants the tribunal to suspend any termination and the agreement to be kept intact. The company alleges in the filing that the June transaction was not an outright sale but “an illicit stock parking transaction that violates the VimpelCom Shareholders Agreement”. Telenor refers to “recently obtained documentary evidence” for its accusations.
The Norwegian incumbent said it expects a decision by the arbitration tribunal before the 10 December deadline, the currently scheduled termination date of the shareholders agreement.
A termination of the agreement would allow for a reshuffle of the Vimpelcom board.
Alfa subsidiary Altimo could not immediately be reached for comment.