Russia regulator ends suit against Vimpelcom shareholders

Nieuws Mobiel Russische Federatie 26 NOV 2012
Russia regulator ends suit against Vimpelcom shareholders
Russian federal competition regulator FAS has withdrawn its claims against Vimpelcom shareholders Telenor and Weather Investments, alleging they infringed foreign investment rules in Russia. Following an agreement for Telenor to increase its stake in Vimpelcom by buying shares from Weather, the FAS launched a court case against the companies. The court then suspended shareholder actions at Vimpelcom pending the outcome of the case. Vimpelcom said in a statement that it was still awaiting a formal decision by the Moscow court lifting the restrictions.

Categories:

Mobiel

Companies:

Telenor,  Altimo,  Vimpelcom

Countries:

Russische Federatie

Tags:

Shareholders & subsidiaries, Regulations, Wholesale, Legislation - Lawsuits, M&A buyouts & divestments

Related Articles

RUSSISCHE FEDERATIE 17 DEC 2012

VimpelCom to pay USD 1.3 bln in dividends

VimpelCom announced that its supervisory board authorised the payment of a dividend of USD 0.80 per american depositary share (ADS). This amount includes USD 0.35 per ADS in relation to the company's final 2011 results, bringing the total dividend for 2011 to USD 0.80 per ADS. The amount also includes USD 0.45 per ADS as interim 2012 dividend. Each ADS represents one common share. The total dividend payment amount will be approximately USD 1.3 billion. Payment of the dividends was delayed due to a court ord

RUSSISCHE FEDERATIE 7 DEC 2012

VimpelCom, Megafon agree 50-50 ownership of Euroset

Russian operator VimpelCom announced that it has acquired 0.1 percent of the shares of mobile retail chain Euroset to increase its ownership interest to 50 percent of Euroset. The shares were issued by Euroset to VimpelCom subsidiary simultaneously with the acquisition of the other 50 percent of the shares of Euroset by Lefbord Investments Limited, a company owned by Russian rival MegaFon and Garsdale Services Investment. As a result of these transactions, VimpelCom and Lefbord have equal economic and gover

RUSSISCHE FEDERATIE 3 DEC 2012

VimpelCom expects AGM on 21 December after court decision

VimpelCom, a global provider of telecommunications services, announced that the Moscow Arbitration Court approved the request from the Russian Federal Anti-Monopoly Service (FAS) to withdraw its claim against Telenor East Invest II AS and Weather Investments II and removed the injunctions previously placed upon the company, Telenor and Weather. Consequently, the company expects that its annual general meeting will be held on 21 December as previously announced.

RUSSISCHE FEDERATIE 1 NOV 2012

Telenor concedes 'upper hand' to Altimo in Vimpelcom control

Telenor has opened the door to a potential sale of its stake in VimpelCom. CEO Jon Baksaas said Telenor would be "realistic" and "pragmatic" over any offer from Russia's Altimo group, its co-shareholder in VimpelCom, the Financial Times reports from an interview with the executive. Telenor and Altimo have been engaged in a long-running battle for control of Vimpelcom. While both sides have been gradually increasing their stakes, Baksaas said Altimo had now taken the "upper hand", after buying an additional

RUSSISCHE FEDERATIE 30 OCT 2012

Altimo raises stake in Vimpelcom

Russian company Altimo has agreed to acquire 123.6 million preferred shares in Vimpelcom Ltd from Bertofan Investment, Reuters reports. This raises Altimo's voting stake in the Russian operator from 41.9 percent to 47.9 percent. The additional shares were valued at USD 217.54 million, and the deal should be completed within 60 days. This makes Altimo the largest shareholder in Vimpelcom, ahead of Telenor with a 43 percent stake. Altimo said it hopes this will "remove the question of foreign shareholder cont

RUSSISCHE FEDERATIE 1 OCT 2012

Telenor offers Altimo parity in Vimpelcom

Telenor has increased its stake in Vimpelcom to 42.95 percent and said it's open to a solution that gives Russian shareholder Altimo an equal stake in Vimpelcom. Telenor said it took over 71 million VimpelCom preferred shares from Weather Investments for USD 113.6 million, as agreed earlier this year under a put option. However Vimpelcom still faces restrictions on its shareholder actions due to a court order requested by Russian competition regulator FAS, which is questioning whether Telenor's increased st

RUSSISCHE FEDERATIE 26 SEP 2012

FAS warns Vimpelcom against Telenor shares transfer

Russian federal competition regulator FAS has urged Vimpelcom not to go against the injunction imposed by the Moscow arbitration court restricting its shareholder actions. According to a letter from FAS to the Russian operator, obtained by Dow Jones Newswires, the regulator called on the company not to register the transfer of shares in VimpelCom Ltd from Weather Investments to Telenor before the lawsuit brought by FAS is resolved. FAS earlier obtained a court injunction prohibiting the payment of dividends

RUSSISCHE FEDERATIE 25 SEP 2012

Telenor loses appeal over Vimpelcom restrictions

A Moscow court has rejected an appeal by Telenor to end the restrictions on shareholder actions at Russian operator Vimpelcom imposed by a lower court at the request of competition regulator FAS, reports Tass-Telecom. The FAS started an investigation into Telenor's acquisition of additional shares in Vimpelcom from Weather Investments, saying this could be in violation of foreign investment laws in Russia. The lower court has suspended the acquisitions as well as shareholder votes on other strategic actions

RUSSISCHE FEDERATIE 16 AUG 2012

Altimo raises Vimpelcom stake, withdraws Telenor complaint

Russian investor Altimo announced the acquisition of 305 million additional shares in VimpelCom, equal to 14.8 percent of voting rights, from Weather Investments II for USD 3.6 billion. As a result of this deal and other additional purchases on the market, Altimo's stake in VimpelCom increased to 40.5 percent of voting rights. Altimo also withdrew its complaint against Weather II and Telenor, which claimed Telenor's acquisition of additional shares in VimpelCom in February violated the company's statues and

RUSSISCHE FEDERATIE 5 JUN 2012

Altimo opposes bigger Telenor stake in Vimpelcom

Russian operator Vimpelcom announced that its shareholder Altimo has voiced opposition to Telenor's acquisition of additional shares in Vimpelcom from Weather Investments. Altimo claims that the deal, under Vimpelcom's bylaws, should trigger a mandatory bid for all of Vimpelcom's shares by Telenor. The Weather transaction is currently suspended pending the outcome of action brought by Russian competition regulator FAS, which has claimed the deal goes against Russian foreign investment laws. In the meantime,

RUSSISCHE FEDERATIE 26 APR 2012

Vimpelcom voting rights restricted under court injunction

A Russian court has issued an injunction restricting voting rights in Vimpelcom. The injunction was requested by Russian competition regulator FAS, as part of its case against the proposed increase in Telenor's stake in Vimpelcom. Telenor agreed in February to buy part of Weather Investments stake in Vimpelcom, and the regulator filed a suit saying it violates Russian law on foreign investments. The injunction order states that VimpelCom and its indirect subsidiary VimpelCom Holdings BV, which together own

RUSSISCHE FEDERATIE 19 APR 2012

Telenor faces Russian opposition over bigger Vimpelcom stake

Telenor announced that the Russian competition regulator is opposing its deal to increase its stake in Russian operator Vimpelcom. The Federal Antimonopoly Service filed a claim in the principal commercial court in Moscow against Telenor and Weather Investments. Telenor has not yet been formally notified of the claim, but said it understands that the FAS claims Telenor's deal announced in February to buy shares in Vimpelcom from Weather violates the Russian Strategic Investment Law. The FAS is asking the co

RUSSISCHE FEDERATIE 9 APR 2012

Telenor increases stake in Vimpelcom

Telenor terminated its cash-settled total return swap (TRS) in respect of VimpelCom shares that it had entered into with J.P. Morgan Securities on 22 July 2011 and amended on 7 October 2011. Following such termination, Telenor purchased depositary receipts representing 65,000,000 VimpelCom common shares from J.P. Morgan Securities for a purchase price of USD 715 million, thereby increasing Telenor's economic and voting interests in VimpelCom to 35.66 percent and 39.51 percent.

Just In

16:42

SLT-Mobitel launches 5G network in Sri Lanka

16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.