Telenor starts arbitration over Vimpelcom, Wind deal

Nieuws Mobiel Wereld 31 JAN 2011
Telenor starts arbitration over Vimpelcom, Wind deal
Telenor has moved to block Vimpelcom's proposed takeover of Wind Telecom. The Norwegian operator and Vimpelcom shareholder said it has started arbitration proceedings against Vimpelcom and the Russian operator's other major shareholder Altimo. The Vimpelcom supervisory board decided at its 16 January meeting that the transaction constitutes a Related M&A Transaction and consequently the Vimpelcom shareholders agreement does not provide pre-emptive rights to Altimo and Telenor. Telenor started the arbitration proceedings to contest whether the proposed acquisition is a related transaction, arguing it should have pre-emptive rights over any Vimpelcom shares issued for the transaction. Telenor has requested that Vimpelcom adjourn the special general meeting of Vimpelcom shareholders scheduled for 17 March and postpone the 31 January record date for the SGM until after the arbitration panel has reached a decision on the claim. Telenor's representatives on Vimpelcom's board earlier voted against the acquisition.

Categories:

Mobiel

Companies:

Telenor,  Altimo,  Vimpelcom,  Wind Telecom

Regions:

Wereld

Tags:

Shareholders & subsidiaries, M&A buyouts & divestments

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