MegaFon shareholder dispute is settled, says Altimo

3 Dec 2007

Russia’s Altimo says it has resolved a dispute over its stake in cellular operator MegaFon. Altimo acquired a 25.1% interest in Russia’s third largest cellco in August 2003, but the deal was challenged by Bermuda-based investment fund IPOC. IPOC had an existing 8% stake in MegaFon and launched legal action, claiming it had right of refusal on the 25.1% share. Altimo, which is the telecoms arm of the Alfa group, has released a statement which reads: ‘The legitimate ownership rights of Altimo for 25.1% of MegaFon shares will not be challenged by any of the parties.’

Russia, MegaFon