MegaFon denies it will buy 5% of Vimpelcom

6 Jul 2009

Russian cellco MegaFon has denied a newspaper story that it plans to buy a 5% stake in domestic rival Vimpelcom on the open market, a source close to MegaFon’s shareholders said on Friday, as reported by Reuters. Alfa Group, controlled by billionaire Mikhail Fridman, owns 44% of Vimpelcom, Russia’s second biggest mobile operator by subscribers, and also has a 25.1% stake in the country’s third largest cellco MegaFon. An analyst quoted by Reuters pointed out that a 5% stake in Vimpelcom would be below the level needed for a seat on the board.

Russia, Beeline (Russia), MegaFon, VEON