Telenor’s appeal to block Vimpelcom acquisition rejected

28 Jul 2006

A court of appeal upheld a 15 May ruling by the Moscow Arbitration Court which approved Vimpelcom’s acquisition in 2005 of wireless operator Ukrainian Radio Systems (URS), Vimpelcom said in a statement yesterday. The court rejected an appeal by Norway’s Telenor seeking to block the Russian company’s expansion. Oslo-based Telenor and Russia’s Alfa Group, which own 26.6% and 32.9% of Vimpelcom respectively, are locked in a legal battle over the company’s strategy in Ukraine, where both sides already own shares in mobile market leader Kyivstar. Telenor said it plans to appeal the latest decision to a higher court of appeal and, if necessary, to the Supreme Arbitration Court.