Reuters: Regulatory News: Russia welcomes Altimo's Vimpelcom stake hike

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Russia welcomes Altimo's Vimpelcom stake hike Aug 17th 2012, 13:56 MOSCOW | Fri Aug 17, 2012 9:56am EDT MOSCOW Aug 17 (Reuters) - Russia's state anti-monopoly regulator FAS welcomed on Friday a recent deal that saw billionaire Mikhail Fridman's Alfa Group raise its stake in mobile operator Vimpelcom but said it was too early to make a decision regarding its legal claims. "We welcome the increase by Altimo (Alfa Group's unit) of its stake in Vimpelcom because it leads to the Russian shareholder restoring control in the strategic Russian company," FAS' press service said in emailed comments. "As for withdrawing the lawsuit, we believe it is too early to talk about it. Information about settling the differences is confidential and can't be disclosed," said FAS. FAS filed a lawsuit to a Moscow court in April challenging a deal through which Vimpelcom's Norwegian co-investor Telenor increased its stake to 36 percent from 25 percent, surpassing Alfa as the largest shareholder. Altimo raised its voting stake in Vimpelcom to 40.5 percent from just under 25 percent on Wednesday and called on Telenor to sell it some of its own Vimpelcom shares to maintain parity. Telenor has 43 percent of voting rights in Vimpelcom.

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