Veon -3.5% as Telenor sets sale of part of its stake

|About: Telenor ASA ADR (TELNY)|By:, SA News Editor

Veon (NASDAQ:VEON) -- the former VimpelCom -- is 3.5% lower in early U.S. trading after Norway's Telenor (OTCPK:TELNY) has elected to sell part of its stake.

Telenor will use a public offering in the next several days to sell 4% of the Russia-focused telecom at $3.75. Veon is quoting at $3.83 in lower U.S. trading today.

Veon is down 5.1% in Amsterdam and down 6.3% in Frankfurt. The company moved toward European listing recently in order to boost its free float.