Wed, Jul. 6, 6:50 PM
- A report says Vodafone (VOD -1.5%) is the likely front-runner to take over Telenor's (OTCPK:TELNY +1.9%) operations in India, though it's not clear whether that means just a spectrum acquisition or the entire company.
- Telenor is currently using 1800 MHz airwaves to provide 2G, though they could provide 4G service, and that spectrum is likely valued around $1B.
- Such an acquisition could reap benefits for Vodafone ahead of India's 4G spectrum auction, set for September. Telenor's tower rentals from Viom come at a lower rate than Vodafone has gotten from Indus, and Telenor's 11,500 sites could power Vodafone's 4G deployment, a source says.
Wed, Feb. 17, 7:52 PM
- Telenor (OTCPK:TELNY +4.7%) -- one of a few companies ensnared in the Uzbekistan corruption scandal -- says it is closely following news of VimpelCom's (VIP +12.5%) reported settlement in the deal, and acknowledgment that it broke U.S. and Dutch laws.
- "Corruption is unacceptable, and Telenor takes it very seriously that VimpelCom now seems to acknowledge certain violations of the U.S. Foreign Corrupt Practices Act and relevant Dutch Laws," the Norwegian telecom said in a statement.
- Telenor had cut ties via a consulting arrangement with its ex-CEO, Jon Fredrik Baksaas, and suspended its CFO and general counsel as the scandal developed.
- It had owned a third of VimpelCom before saying in October that it would divest the multibillion-dollar stake and take a related $900M impairment.
- Previously: VimpelCom up 6.2% on word it's settling Uzbek probes (Feb. 17 2016)
Fri, Jan. 22, 10:48 AM
- Telenor (OTCPK:TELNY +3.7%) and TeliaSonera (OTCPK:TLSNY +3%) are moving into the second phase of Norway's 1800 MHz spectrum auction later this month.
- The two came out as winners in the first phase, which lasted 83 rounds and drew 877.98M krone (about $103.3M). Now they'll have until next Thursday to submit bids for specific locations in the band. Telenor had secured 20 megahertz while TeliaSonera secured 5 megahertz.
- TeliaSonera (which operates in Norway under the NetCom brand) and Telenor launched LTE services in the country in 2012, and offer them through the 800 MHz, 1800 MHz and 2.6 GHz bands.
- Previously: TeliaSonera, Ericsson working on 5G testbed for Sweden, Estonia by 2018 (Jan. 22 2016)
Nov. 25, 2015, 6:55 PM
- While VimpelCom (VIP +6.8%) got a boost today on news that it may be close to settling with the U.S. in an Uzbekistan corruption probe, TeliaSonera (OTCPK:TLSNY +2.2%) may be facing a bigger headache as the U.S. looks to extend the probe into other markets, according to Swedish daily Svenska Dagbladet.
- Danske Bank analysts think the company could now be facing compensation claims of 15B kronor ($1.72B), triple what they had expected before.
- The probe is reportedly widening to TeliaSonera's activities in Kazakhstan and Azerbaijan, and even Nepal.
- Other companies besides VimpelCom and TeliaSonera -- Mobile TeleSystems (NYSE:MBT) and Telenor (OTCPK:TELNY) -- are linked to dealings with Takilant, the company tied to Gulnara Karimova, daughter of Uzbekistan President Islam Karimov.
Nov. 11, 2015, 1:56 PM
- Fallout over VimpelCom's dealings in Uzbekistan is spreading at Norway's Telenor (OTCPK:TELNY), which has now suspended its chief financial officer and general counsel.
- "As a result of Telenor Group's previously announced external review by Deloitte of the group's handling and oversight of its minority ownership in VimpelCom Ltd, Telenor has today temporarily relieved CFO Richard Olav Aa and General Counsel Paal Wien Espen of their responsibilities," the company said in a statement.
- Telenor, majority-owned by the Norwegian state, had previously pushed out its chairman and cut consulting ties with its ex-CEO in the probe, which is looking at Telenor's links to possible corruption charges related to acquiring wireless airwaves in Uzbekistan. Telenor has owned a third of VimpelCom (VIP -2.2%).
- Police in four countries are investigating the affair. Telenor says it has no reason to believe the suspended execs were involved in the corruption.
- Previously: Telenor cuts ties to ex-CEO amid VimpelCom probe (Nov. 09 2015)
- Previously: Telenor hires law firm to investigate its ties to VimpelCom, Uzbekistan (Nov. 02 2015)
- Previously: Norway ousts Telenor chairman over VimpelCom probe (Oct. 30 2015)
Nov. 9, 2015, 3:43 PM
- Telenor (OTCPK:TELNY -0.9%) has terminated a consulting arrangement it had with former CEO Jon Fredrik Baksaas, in more fallout from the Norwegian carrier's holdings in VimpelCom (VIP -5.7%), currently under investigation over corruption in Uzbekistan.
- Baksaas was formerly a board member at VimpelCom. Telenor has been pursuing divestiture of a one-third stake in VimpelCom, and hired a law firm to sort out its ties to the affair. VimpelCom's under investigation in the Netherlands and the U.S. over possible improper payments related to spectrum acquisition in the Uzbek market.
- The termination with Baksaas was a mutual agreement and Baksaas will refrain from a bonus payment for 2015, Telenor said.
- Previously: Former VimpelCom CEO Lunder in custody amid Uzbek corruption probe (Nov. 05 2015)
- Previously: VimpelCom making $900M provision amid Uzbekistan probes (Nov. 03 2015)
- Previously: Telenor hires law firm to investigate its ties to VimpelCom, Uzbekistan (Nov. 02 2015)
Nov. 5, 2015, 12:08 PM
- Jo Lunder, the ex-CEO of VimpelCom (VIP +4.7%), is being held by Norwegian police in connection with the corruption probe into the company's dealings in Uzbekistan.
- U.S. and Dutch authorities started an investigation into companies that were suspected of steering business to Gulnara Karimova, daughter of the country's president, in return for rights to wireless airwaves. Norwegian authorities say they are assisting the Dutch investigation.
- Lunder, currently CEO of the Fredriksen Group, hasn't been charged but is held "on suspicion of gross corruption."
- The case has brought turmoil to Norway's state-owned Telenor (OTCPK:TELNY +0.7%), which has hired a law firm to investigate its ties to the case. Telenor owns a third of VimpelCom, and its chairman was forced out over the issue.
- VimpelCom has said it would make a $900M provision in its Q3 statements tied to the probes.
Nov. 2, 2015, 2:15 PM
- Following the ouster of its chairman, Norway's Telenor (OTCPK:TELNY +0.5%) says it's hired a law firm for an independent investigation of its dealings with VimpelCom's (VIP -2.8%) entry to the Uzbekistan market.
- Telenor owns a third of VimpelCom, the Amsterdam-based telecom with service focused on the Russian market. VimpelCom's under investigation in the Netherlands and the U.S. over possible improper payments related to spectrum acquisition in the Uzbek market.
- Telenor had said last month it planned to divest its VimpelCom stake, after a review by new CEO Sigve Brekke, who took over in August. The fallout from the affair led Norway's Industry Minister to lose confidence in Chairman Svein Aaser, who resigned Friday.
Oct. 28, 2015, 3:41 PM
- Norwegian telecom Telenor (OTCPK:TELNY) has fallen 3.4% in U.S. trading after it cut its full-year outlook despite beating earnings expectations for Q3.
- The company reduced expectations for full-year revenue growth to 5%, from 5%-7%, and sees EBITDA margin of 34%-35%, down from 34%-36%, after it abandoned a merger of its Danish operation with TeliaSonera amid regulatory opposition. "The adjusted outlook is primarily a consequence of the inclusion of the Danish operation," Telenor said.
- Telenor said adjusted EBITDA was up 15% to 11.85B krone (about $1.38B), ahead of an expected 11.4B krone. It had taken a previously planned 5.4B krone charge on selling its stake in VimpelCom, which pushed it to a net loss of 1.77B krone.
- Previously: Telenor up 2.5% as it to plans to divest big stake in VimpelCom (Oct. 05 2015)
- Previously: Telenor dropping Uninor brand in India, focusing on value (Sep. 23 2015)
- Previously: TeliaSonera, Telenor call off Danish merger as regulators balk (Sep. 11 2015)
Oct. 5, 2015, 10:26 AM
- In a strategic shift, Norway's Telenor (OTCPK:TELNY +2.5%) is divesting its "challenging" multibillion-dollar stake in Russia telecom provider VimpelCom (NASDAQ:VIP)
- VimpelCom ADRs were up 2.7% in the early going in U.S. trading.
- Telenor has a 33% stake in VimpelCom that is worth more than $2.4B. “The VimpelCom asset, where Telenor holds a minority position without the possibility to fully control the company, has been challenging,“ says its chairman, Svein Aaser.
- The probes in the U.S. and the Netherlands into possible bribery at VimpelCom have raised controversy in Norway over Telenor's holding.
- The sale could take some time, and Telenor says it's expecting a related noncash impairment of 7.5B Norwegian krone (about $900M) against Q3 earnings.
- Previously: U.S. telecom probe seeking to seize $1B in European assets (Aug. 13 2015)
Sep. 11, 2015, 11:41 AM
- Sweden's TeliaSonera (OTCPK:TLSNY +0.1%) and Norway's Telenor (OTCPK:TELNY -1.7%) have abandoned a merger of operations in Denmark amid strict opposition from EU regulators -- the first such opposition after a couple of years of mobile consolidation.
- That consolidation happened under then-Competition Commissioner Joaquin Almunia, who was succeeded by Margrethe Vestager last November.
- "What we were looking at were very serious concerns," said Vestager about the Danish market. "To me it was necessary to have a fourth mobile operator." She said there shouldn't be conclusions drawn about the UK and Italy, however, where similar deals could reduce the number of national operators to three each.
- TeliaSonera and Telenor faced a relatively easier tie-up in Denmark operationally, as the two already share a network, but also thus had fewer options for divestment to satisfy regulators.
- Shares in Danish market leader TDC fell 7.7% in Copenhagen, and are down 8.2% in OTC trading (OTCPK:TDCAF).
Telenor ASA is a holding company. Through its subsidiaries, Telenor ASA provides fixed and mobile (analog and digital) communication networks and also develops, sells and distributes communication, entertainment and information services in the Norwegian private and business markets. The Company... More
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