The shareholders of Russian operator Vimpelcom approved the company's proposed acquisition of Wind Telecom, including Italian oeprator Wind and much of Orascom Telecom. Shareholders representing 93.1 percent of the company's voting shares participated in the special general meeting, and 53.3 percent of these approved the meeting's resolutions, which include an equity issue to finance the deal. Closing of the deal still depends on arranging financing and regulatory approvals, and is expected in the first half of this year. The deal has been opposed by Vimpelcom's second-largest shareholder Telenor, which will see its stake diluted due to the equity issue. If the deal goes ahead, Wind will have a 20.0 percent economic interest and 30.6 percent voting interest in Vimpelcom. Telenor said in a statement that it remains committed to Vimpelcom despite opposing the acquisition. The company noted the slim majority for approving the deal, with almost 60 percent of the unaffiliated shareholders voting against the resolutions. If the additional voting rights from preference shares granted to the largest shareholder Altimo were excluded, 51.5 percent of the total economic interests in Vimpelcom said no to the deal, according to Telenor. The Norwegian company said it will continue its arbitration proceedings in London against Vimpelcom and Altimo. The company claims the shareholders agreement at Vimpelcom gives it pre-emptive rights to any shares issued for the Wind transaction.
