Blog: Telenor doesn’t Support Vimplecom-Orascom Deal

Telenor has opposed to the expected Vimplecom-Orascom transaction and has formally communicated its reservations to the Chairman of VimpelCom Ltd.

Telenor Opposes Vimplecom/Orascom Deal

Telenor ASA which holds a 36% voting and 39.6% economic interest in VimpelCom Ltd., has determined that the proposed acquisition by VimpelCom Ltd. of Weather Investments S.p.A. is not in the best interests of VimpelCom shareholders and therefore does not intend to support the transaction. “We strongly support VimpelCom’s expansion in accordance with the principles agreed at the time the company was created. However, in our capacity as a shareholder of VimpelCom Ltd., we do not believe this transaction makes strategic or financial sense for VimpelCom’s shareholders,” said Telenor spokesman Dag Melgaard.