Alfa and IPOC to end MegaFon dispute

30 Jul 2007

A bitter feud between shareholders of Russia’s third largest cellular operator could be coming to an end, according to local newspaper reports. Business daily Vedemosti claims that IPOC and Alfa Group are set to end their battle over the ownership of a 25.1% stake in MegaFon. The report cites unidentified sources and claims that the two rivals are set to withdraw all legal action against one another. It is thought that Alfa will retain the 25.1% interest in MegaFon which it acquired in 2003; IPOC claimed that it should have been given first right of refusal on the stake. IPOC controls another 8% stake in the cellco which is set to be sold off b y owner Jeffrey Galmond.

Russia, MegaFon