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VimpelCom commences exchange offer Tuesday 9 February 2010 | 08:14 AM CET
 
Russian and CIS operator Vimpelcom has launched its exchange offer to holders of VimpelCom shares and American Depositary Shares (ADSs). The new company Vimpelcom Ltd will offer depositary shares representing VimpelCom shares (DRs) or a nominal cash amount in exchange for VimpelCom securities. Following the exchange offer completion, VimpelCom plans to acquire all of the outstanding shares of Kyivstar, in exchange for VimpelCom DRs. The offer is part of the plan to merge Telenor and Alfa's holdings in Vimpelcom and Ukraine into a new company, Vimpelcom Ltd. While Telenor and Alfa have committed their holdings in Vimpelcom to the offer, the deal is dependent on 95 percent of Vimeplcom shares tendered in the public offer. Telenor and Altimo expect to complete the deal by mid-year. Under the proposals, Alfa will own 38.5 percent and Telenor 38.8 percent of the new company.
More: Mobile & Wireless | Russian Federation | Ukraine
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