Alfa wants more say

11 Oct 2006

Russia’s Alfa Group says it wants to increase its stake in the country’s second largest cellular operator so that it can gain more control at board level. Alfa plans to increase its share of VimpelCom Type A voting stock from 32.9% to 35.8%. While Dow Jones reports that this will not give Alfa more seats on the board, it will gain more votes. A change in Russia’s antitrust laws which is due to be introduced on 26 October is expected to lead to a flurry of activity, with ownership changes made easier. Telenor of Norway is also expected to increase its stake in VimpelCom when the change is implemented, according to Dow Jones. Telenor and Alfa have been vying for control of VimpelCom for some time, with the two shareholders disagreeing over the future of Kyivstar, the cellco’s subsidiary in Ukraine.

Russia, Beeline (Russia), VEON