TeliaSonera may enter Megafon struggle

1 Mar 2004

Nordic telecoms group TeliaSonera, which currently holds a 35.6% stake in Russian cellco Megafon, may be forced to enter into the battle between Bermuda-based Ipoc International Growth Fund and Russia’s Alfa Group over ownership of the mobile operator. The dispute has emerged because Ipoc is connected to another Megafon shareholder, Telecominvest. If Ipoc wins its spat with Alfa, it will take its own stake in Megafon to 31% by combining its current 6% interest with the 25% held by Alfa, and may combine this with Telecominvest’s 31% holding, leaving TeliaSonera as a minority shareholder.