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Wednesday, Aug 15
2012, 3:55 PM
VimpelCom (VIP +9.6%) soars in afternoon trading on news that Russia's Alfa Group has increased...
VimpelCom (VIP +9.6%) soars in afternoon trading on news that Russia's Alfa Group has increased its voting stake in the carrier to 40.5% from a prior 25%, courtesy of a $3.6B purchase from Egyptian tycoon Naguib Sawiris. Alfa's stake now surpasses the 39.5% stake held by Norwegian carrier Telenor, whose efforts to increase its position have produced a hostile regulatory response. Alfa, which wants to buy more shares, expects Telenor to raise its stake to 43%. (VIP Q2 results)