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Telenor and Altimo set plans for VimpelCom
30 November 2009
Norway’s Telenor and Russia’s Altimo have put a new management team into their united VimpelCom group, and plan to expand operations in Europe, Asia and Africa
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[VimpelCom]
[Telenor]
[Altimo]
[TeliaSonera]
[Alfa]
[MegaFon]
[Russia]
Comment: When peace breaks out between shareholders, then companies can focus on investment and development strategy. A few weeks ago Telenor’s Scandinavian rival, TeliaSonera, ended a similar dispute with the related Russian company Alfa group, involving Turkcell and Russian operator MegaFon. Now VimpelCom is set to explore international opportunities before it’s too late.
The two owners of VimpelCom have charged the new management team with making the company one of the world’s leading players in the industry, focussing on rapidly developing markets in Europe, Asia and Africa.
Telenor, the Norwegian incumbent, and Russian investment company Altimo settled a long-running battle over their ownership strategy for VimpelCom in early October, and are now planning to invest in expansion.
The two companies have appointed Alexander Izosimov as the CEO of the new holding company, also called VimpelCom, which will be incorporated in Bermuda and headquartered in the Netherlands. Izosimov is the chairman of the GSM Association and was CEO of VimpelCom until earlier in 2009.
Boris Nemsic, the former CEO of Telekom Austria, is expected to remain in charge of the Russian operating company, a position he took in April 2009.
Telenor and Altimo have also appointed another former VimpelCom CEO, Jo Lunder, as chairman of the board of directors.
The two groups agreed to end a five-year dispute in October 2009, combining their interests in Ukrainian operator Kyivstar and Russian operator VimpelCom.
Jon Fredrik Baksaas, president and CEO of Telenor, said: “It is with great confidence that we announce two such prominent and experienced people, Alexander Izosimov and Jo Lunder, to head our new united company. Together they will create a continued success story from our new base in the Netherlands.”
Altimo CEO Alexei Reznikovich said: “We wish them all the best in their efforts to develop this new creation of ours into a leading emerging markets mobile operator.” GTB
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