Will Vimpelcom board reshuffle finally signal end of WellCOM saga?

24 Jun 2005

Alfa Group appears to have gained the upper hand in the battle for control of Russian cellco Vimpelcom following boardroom elections at the divided operator. Alfa and Nordic investor Telenor now have three seats each on the nine member board, but Alfa has a slight advantage with the addition of three influential independent directors of its own to Telenor’s two. The board must now decide on Alfa’s contentious proposal that Vimpelcom acquires Ukrainian cellco WellCOM, something Telenor is against.

Telenor is not the only Nordic telco to have been riled by Alfa recently – earlier this week the investment group angered TeliaSonera by attempting to hijack its takeover Turkish mobile operator Turkcell.

Russia, Beeline (Russia), Telenor Group, VEON