VimpelCom (VIP +9.6%) soars in afternoon trading on news that Russia's Alfa Group has increased...

|About: VimpelCom (VIP)|By:, SA News Editor

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)