Subscription and demo access


 
About Interfax
Press Releases
Products & Services
Contact us
Customer Login
 


Headlines
 

04/29 22:52   Duma defense committee head denies allegations on Russian Su-27 fighter's unsafe maneuvers near U.S. aircraft
 
04/29 22:14   CoE secretary general urges Azerbaijani president to guarantee human rights observance in relation to opposition activist Mammadov
 
04/29 21:55   Incident during Atlas V launch might have been caused by Russian RD-180 engine malfunction - United Launch Alliance
 
04/29 21:50   Eight instances of ceasefire violation recorded in Syria over past 24 hours - Russian Defense Ministry
 
04/29 21:46   Kyiv hopes full ceasefire in Donbas, expected to start from April 30, to give impulse for solving security issues (Part 2)
 
04/29 21:45   Russian planes have not struck Syrian opposition units that signed up to ceasefire - Defense Ministry
 
04/29 21:39   Eight ceasefire violations recorded in Syria over past 24 hours - Russian Defense Ministry
 
04/29 21:38   Ceasefire in Damascus suburb, northern part of Latakia governorate to be introduced Apr 30, cleared with govt forces, opposition - Russian Defense Ministry
 
04/29 21:35   Lavrov insists in telephone talk with Kerry on Kurds' involvement in intra-Syrian talks, moderate opposition's dissociation from terrorists (Part 2)
 
04/29 21:23   CEASEFIRE IN DAMASCUS SUBURB, NORTHERN PART OF LATAKIA GOVERNORATE CLEARED WITH DAMASCUS, MODERATE OPPOSITION - RUSSIAN DEFENSE MINISTRY
 




 

Interfax.com  |  Interfax news  |  FAS withdraws suit against Telenor in Vimpelcom...


News headlines


November 23, 2012 14:58

FAS withdraws suit against Telenor in Vimpelcom case, thinks dispute settled (Part 2)

MOSCOW. Nov 23 (Interfax) - Russia's Federal Antimonopoly Service (FAS) has asked the Arbitration Court of Moscow to drop all of its claims against Telenor associated with the company's increasing its stake in Vimpelcom Ltd., a FAS press statement says.

"The government of the Russian Federation has decided to withdraw the FAS suit filed with the Arbitration Court of Moscow calling for the nullification of the company Telenor's deals in relation to stock in OJSC Vimpelcom (RTS: VIMP) and injunctive measures earlier applied by the court in this dispute, considering the developed accordance of votes by the two main OJSC Vimpelcom shareholders," the statement says.

"We thank Vimpelcom shareholders for their patience in this difficult dispute and are very glad that it is over," FAS Chairman Igor Artemyev said.

FAS took its clam to court in April asking for the invalidation of a deal completed in February between Norway's Telenor and Weather, the company of Egyptian millionaire Naguib Sawiris. The deal increased the Norwegian company's voting share in Vimpelcom to 36.36% from 25.01%. Later Telenor further increased its voting stake to 39.51% through an option with JP Morgan.

FAS believed Telenor should have, in accordance with Russian legislation on foreign investment, previously obtained approval for the deal as by buying Vimpelcom shares it increased its interest in the Russian strategic company Vimpelcom.

FAS also disputed the option agreement between Telenor and Weather, in accordance with which the Norwegians, despite court injunctions, acquired the remaining preferred shares from Sawiris in September and increased their voting stake from 39.5% to 42.95%.

The Arbitration Court of Moscow was to hear the FAS claim against Telenor on November 27.

FAS had already proposed an out-of-court settlement, the terms of which were approved by the service and the legal commission on foreign investment in the summer. The main requirement was to ensure parity between the majority foreign and Russian shareholders of Vimpelcom - Telenor and Altimo.

When the settlement was proposed, Telenor owned 39.5% of Vimpelcom and Altimo - 24.99%. Since then Telenor increased its stake to 42.95% through its option with Weather and Altimo increased its stake to 47.85% by buying common shares from Sawiris, who has almost completely withdrawn from the telecom company's capital, by buying shares on the market and by buying preferred shares from Bertofan Investments, which is owned by Ukrainian businessman Viktor Pinchuk.

After the deal with Pinchuk, Altimo said that it was satisfied with the proportion of shares between Vimpelcom shareholders. A source close to Altimo told the press that the company did not plan to increase its interest in Vimpelcom to the controlling stake.

Altimo Vice President Yevgeny Dumalkin told Interfax on Friday that the company welcomes the withdrawal of the lawsuit as it means the company can get back to normal corporate governance and payment of dividends, on which an injunction had been placed. Dumalkin said the Supervisory Board should make a decision on dividends after the court confirms that it has lifted the injunction.

When asked how the two majority shareholders would now cooperate, Telenor said it would maintain the position expressed by its CEO Jon Fredrik Baksaas in an interview with the Vedomosti newspaper this week.

The Telenor CEO said it would be most logical to govern Vimpelcom without a shareholder agreement. The previous shareholder agreement between Telenor and Altimo was terminated on Altimo's initiative after the sale of part of its stake in July 2011.

Cf me

(Our editorial staff can be reached at eng.editors@interfax.ru)

/Interfax/
 Subscription
You can access a demo version of, receive more information about or subscribe to Interfax publications by filling in and returning the form below. We also have dozens of reports in the Russian language, please indicate if you are interested.
Title:


Phone:


E-mail:


First name:


Company:


Country:
Last name:


Division:


City:
Products:
Central Asia & Caucasus Business Weekly
Central Asia General Newswire
Global Gas Analytics
Global Natural Gas Daily
Interfax Via Bloomberg Terminal
Kazakhstan General Newswire
Kazakhstan Mining Weekly
Kazakhstan Oil & Gas Weekly
Russia & CIS Announcements
Russia & CIS Banking and Finance Weekly
Russia & CIS Business and Financial Daily
Russia & CIS Business and Financial Newswire
Russia & CIS Business and Investment Weekly
Russia & CIS Business Law Weekly
Russia & CIS Business news
Russia & CIS Defense Industry Weekly
Russia & CIS Diplomatic Panorama
Russia & CIS Energy Daily
Russia & CIS Energy Newswire
Russia & CIS Events Calendar
Russia & CIS Food and Agriculture Weekly
Russia & CIS General Newswire
Russia & CIS Headline News
Russia & CIS Insurance Weekly
Russia & CIS IT and Telecom Weekly
Russia & CIS Metals and Mining Weekly
Russia & CIS Military Daily
Russia & CIS Military Newswire
Russia & CIS Military Weekly
Russia & CIS Oil and Gas Weekly
Russia & CIS Presidential Bulletin
Russia & CIS Statistics Weekly
Russia Health & Pharmaceuticals
Russia Market Roundup
Russia Press Review
Ukraine Business Daily
Ukraine Business Weekly
Ukraine General Newswire
Please enter the digits from picture in the box below:

April 29, 2016
 
22:52
Duma defense committee head denies allegations on Russian Su-27 fighter's unsafe maneuvers near U.S. aircraft
 
22:14
 
21:55
Incident during Atlas V launch might have been caused by Russian RD-180 engine malfunction - United Launch Alliance
 
21:50
Eight instances of ceasefire violation recorded in Syria over past 24 hours - Russian Defense Ministry
 
21:46
Kyiv hopes full ceasefire in Donbas, expected to start from April 30, to give impulse for solving security issues (Part 2)
 
21:45
Russian planes have not struck Syrian opposition units that signed up to ceasefire - Defense Ministry
 
21:39
Eight ceasefire violations recorded in Syria over past 24 hours - Russian Defense Ministry
 
21:38
Ceasefire in Damascus suburb, northern part of Latakia governorate to be introduced Apr 30, cleared with govt forces, opposition - Russian Defense Ministry
 
21:35
Lavrov insists in telephone talk with Kerry on Kurds' involvement in intra-Syrian talks, moderate opposition's dissociation from terrorists (Part 2)
 
21:23
CEASEFIRE IN DAMASCUS SUBURB, NORTHERN PART OF LATAKIA GOVERNORATE CLEARED WITH DAMASCUS, MODERATE OPPOSITION - RUSSIAN DEFENSE MINISTRY
 
21:23
RUSSIAN WARPLANES CARRIED OUT NO STRIKES OVER PAST 24 HOURS ON SYRIAN ARMED OPPOSITION DETACHMENTS THAT HAVE DECLARED CEASEFIRE - RUSSIAN DEFENSE MINISTRY
 
21:22
RUSSIA, U.S. INTRODUCE CEASEFIRE FOR 24 HOURS IN EASTERN GHOUTA (DAMASCUS'S SUBURB), FOR 72 HOURS IN NORTHERN DISTRICTS OF LATAKIA GOVERNORATE STARTING 0:01 A.M. APR 30 - RUSSIAN DEFENSE MINISTRY
 
21:18
EIGHT CEASEFIRE VIOLATIONS RECORDED IN SYRIA OVER PAST 24 HOURS - RUSSIAN DEFENSE MINISTRY
 
21:17
UN coordinator praises Russia's, U.S.' role in promoting Syria political process
 
 more headlines 



Interviews
 

.
Newly appointed British Ambassador to Russia Laurie Bristow has given an interview to Interfax in which he speaks with about the current situation in British-Russian relations in the political, economic and cultural spheres, about London‘s position on the crises in Syria and Ukraine and shares his opinion on the Yury Gagarin flight.

more
.
.
World Jewish Congress President Ronald Lauder has given an interview to Interfax in which he speaks about issues that he discussed at a meeting with Russian President Vladimir Putin, about how the inflow of immigrants has influenced the situation with anti-Semitism in Europe and about attempts to rewrite the WW II history.

more
.
.
Greek Ambassador to Russia Danai-Magdalini Koumanakou has given an interview to Interfax in which she speaks about prospects for cancelling EU sanctions against Russia, Athens‘s position of the South Stream project, the EU-Turkey agreement on refugees and her expectations from the upcoming tourist season and Russia-Greece Cross Year.

more

 
  
 ©   1991—2016   Interfax Information Service. All rights reserved.
contact information   |   Interfax offices   |   made by web.finmarket

News and other data on this site are provided for information purposes only, and are not intended for republication or redistribution. Republication or redistribution of Interfax content, including by framing or similar means, is expressly prohibited without the prior written consent of Interfax.

Browse other Interfax sites:  Interfax.ru   |   IFX.RU   |   Interfax Group   Rambler's Top100