Russian firm Altimo is to sell a 6 percent stake in mobile phone operator Vimpelcom (VIP.N), triggering an end to a shareholder deal with Norwegian group Telenor (TEL.OL) after less than two years. Altimo, part of billionaire Mikhail Fridman's Alfa Group, said in April it wanted to give new Vimpelcom shareholder Naguib Sawiris seats on Vimpelcom's board -- a move that would require an end to the deal with Telenor. Vimpelcom bought several overseas assets from Sawiris earlier this year in a more than $6 billion cash-and-shares deal that Telenor had vigorously opposed. "After the merger with (Sawiris-owned) Wind, Vimpelcom .. corporate governance rules need to adequately protect its diverse shareholder base," Yevgeny Dumalkin, Vice President of Altimo said in a statement.
VimpelCom Ltd. (VimpelCom) is a group of integrated telecommunications services operators. Shares of VIP fell by 1.07% or $-0.15/share to $13.91. In the past year, the shares have traded as low as $13.20 and as high as $17.84. On average, 2169450 shares of VIP exchange hands on a given day and today's volume is recorded at 520493.
Source
