InfoAnda - Vimpelcom board backs revised Egypt telecoms deal

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Eva Mendes Tops AskMen.Com's Top 99 Women Of 2009 | 22 January 2009
Japan, U.S. reset relocation deadline for Okinawa air base, troops | 22 June 2011
Family and friends bid farewell to Mr Ho See Beng | 11 December 2008

Dell plans China expansion: state media | 26 February 2011

Forum Views () Forum Replies ()

Read more with google mobile : Vimpelcom board backs revised Egypt telecoms deal

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Vimpelcom board backs revised Egypt telecoms deal AFP - Tuesday, January 18 Send IM Story Print Vimpelcom board backs revised Egypt telecoms deal MOSCOW (AFP) - – Vimpelcom on Monday said its board had approved a revised deal for Egyptian magnate Naguib Sawiris' telecom assets that will create the world's sixth-largest mobile phone carrier by number of subscribers. The Norwegian-Russian joint venture's supervisory board approved the deal despite continued resistance from Telenor, the Norwegian firm which argues that the acquisition does not make strategic or financial sense. In a six to three vote, the board gave its final approval to a deal that would see Vimpelcom acquire 51.7 percent of Egypt's Orascom Telecom and 100 percent of Italy's Wind. The deal envisions Vimpelcom issuing 325.6 million new common shares and 305.0 million convertible shares, and also paying Sawiris $1.495 billion (1.125 billion euros) in cash. The deal must also be approved by the company's shareholders, whose general meeting has been scheduled for March 17, the company said in a statement. Telenor has argued against the share issue, which will dilute the stake held by minority shareholders in the predominantly-Russian owned firm. Vimpelcom conceded that the deal had been approved over Telenor's resistance. "Vimpelcoms supervisory board is pleased to approve this transaction. This combination will create a top-tier global telecoms company and should drive significant value for all our shareholders," supervisory board chairman Jo Lunder said in the statement. "While we acknowledge Telenors divergent view, we believe that the majority of our shareholders recognise the strategic and financial merits of this transaction. "In the end, as it should be with a public company, it will be the special general meeting of shareholders that will make the final determination," said Lunder. Monday's announcement revises the terms of a deal initially approved by the board on December 20, which was also opposed by Telenor. Vimpelcom said that it plans to draw down on $5.0 billion of the $6.5 billion in loan commitments it had obtained from Russian and foreign banks to finance the cash portion of the acquisition and to re-finance the Egyptian firm's debts. But Telenor said Monday that the new terms did not improve the position of minority shareholders and the company would vote against the deal in March. "Existing Vimpelcom shareholders face considerable additional dilution if this acquisition is completed on the terms approved by the board," Telenor spokesman Dag Melgaard said in a statement. "As a result of this transaction, Vimpelcom's minority shareholders' existing 18.6 percent will be diluted to 12.9 percent," said Melgaard. The Norwegian firm's spokesman said the "disconnect" negatively impacted Vimpelcom's potential attractiveness to investors. Telenor holds 36 percent of the voting and 39.6 percent of the economic interest in Vimpelcom, the company said. Recommend Send IM Story Print News Search Top Stories Ban Ki-moon urges clean energy revolution Apple's Steve Jobs taking new medical leave Tunisia in turmoil amid power vacuum Europe divided over expanding euro crisis fund 'The Social Network' triumphs at Golden Globes More Top Stories » ADVERTISEMENT Most Popular Most Viewed Smoking causes gene damage in minutes World is 'one poor harvest' from chaos, new book warns Oil price over $100 'not unrealistic': Iran United back on top of Premier League after Spurs draw British actress Susannah York dies aged 72: report More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Monday, 17 January 2011
Irish PM calls confidence motion on leadership |
Paramedics describe hellish Ariz. shooting scene
Islamists in Jordan call for end to authoritarian rule |
Hezbollah, allies will not support Hariri for PM |
Berlusconi says he never paid for sex |
US-ENTERTAINMENT Summary
Venezuela parties warily welcome Chavez olive branch |
Hollywood's eyes focus on Golden Globe Awards
Porsche mulls factories in Asia, US: chief
Indonesia carrier Garuda talks up IPO
Uzbeks hold China to reach Asian Cup last eight
Hu looks for 'common ground' in landmark US visit
Cyclist Goss gets off to golden start Down Under
Southeast Asia seeks common ground on sea disputes with China
China on the rise again, says football captain Du
India's Anil Ambani says market 'ban' voluntary
N. Korea to tighten defence for must-win match
Watson seals Australia win with a six
Hollywood's eyes focus on Golden Globe Awards |
Green Hornet flies high at box office |
Sudan opposition threatens protests over price hikes
Hezbollah, allies will not support Hariri for PM
Former dictator Baby Doc Duvalier back in Haiti |
Around 20 Afghan migrants feared drowned off Corfu
Monfils survives in five sets at Australian Open
Tunisia PM to announce new government |
Europe divided over expanding euro crisis fund
Islamists in Jordan call for end to authoritarian rule
Australia says economic cost of floods to top other |
Battles in Tunis as new government takes shape
Iran says firm on nuclear rights as tour ends
Sudan opposition threatens protests over price hikes |
United back on top of Premier League after Spurs draw
IAEA envoys visit Iran's Natanz enrichment site
Nine killed by Afghan bomb en route to wedding
Iran searching for nuclear bomb materials
China tried 376 defendants in 2010 for Xinjiang unrest |
Poll shows Turkey's Erdogan likely to win election
S. Korea civil servants to don long johns
Kazakh council to rule on extension to leader's rule |
As Vietnam booms, Communist Party struggles to keep up |
Nervy Sharapova into Australian Open second round
China's Li Na raises Asian Slam hopes
Bale, Bening early winners at Golden Globes
Watson turns attention to floods
The Golden Globes: Live Report
Hu talks tough on currency ahead of US visit
US-ENTERTAINMENT Summary
Ding crushes Fu to clinch Masters
Myanmar ethnics, ASEAN call for sanctions lift
Pakistan army hails anti-Taliban 'heroes' in TV drama
Do video games fuel mental health problems? |
Vietnam's communist party to vote on leaders
NZ annual food inflation slows in December
'The Social Network' finds friends at Golden Globes
Seoul shares open up modestly on techs, shipyards
US-ENTERTAINMENT Summary
Taiwan firm to make wheat, rice stalk paper: media
"Social Network" electrifies Golden Globes
The Golden Globes: Live Report
Hu calls currency system 'product of the past'
"Green Hornet" flies high at box office
'Green Hornet' leaps to US box office top spot
Social Network electrifies Golden Globes |
Ricky Gervais too funny for Hollywood |
Russian firm builds web empire at home and abroad
Israel tested Stuxnet on Iran, with US help: report
Afghan govt taxes US aid: report
Airbus beats Boeing with 574 orders in 2010
US-TECH Summary
Australia, Afghanistan sign deal on refugees
Hitting the beach in Australia? Bring your phone
'The Social Network' triumphs at Golden Globes
Vimpelcom board backs revised Egypt telecoms deal
Researchers aim to resurrect mammoth in five years
Nokia pulls plug on free music in most markets
Observers approve south Sudan independence vote |
Smartphones lift Apple and Samsung in quarterly phone bonanza
World is 'one poor harvest' from chaos, new book warns
Lebanon postpones talks on new government by a week |
Cyber attacks could create "perfect storm": OECD
Do video games fuel mental health problems?
Israel's Barak breaks away from Labor party |
U.S. congresswoman Giffords upgraded from critical to serious
Sanctions hurt Iran, but compromise unlikely: report |
Prosecutors detail sex probe against Berlusconi |
India pick proven stars for cricket World Cup
Bid to oust Irish PM Cowen lacks support: government whip |
Iran suspends hanging sentence in stoning case: MP |
Australia says cost of floods to top other disasters
Special Report: Is a solar trade war about to flare? |
Sino-US relations: Friction inevitable as bonds grow stronger
Elijah Wood predicts "amazing" reunion on "Hobbit"
Thailand may close down several diving paradises
President to intervene in one of Indonesia's biggest graft cases
15 Thai districts declared cold-spell disaster zones
Americans creative but arrogant, say Chinese
Researchers aim to resurrect mammoth in five years
China's yuan reforms reflect global economic heft
Apple's Steve Jobs takes medical leave |
Seoul shares shed 0.4 pct on steelmakers, refiners
Seoul looks to U.S.-China summit to pressure North
Smartphones lift Apple and Samsung in quarterly phone bonanza |
Blackberry says will abide by Indonesia porn access ban |
Asahi leads as Japan beer shipments fall to record low
Curfew imposed in Karachi after spate of killings
Cyber attacks could create perfect storm
China pledges tougher fight on online piracy
Swiss whistleblower hands bank data to WikiLeaks |
Nokia pulls plug on free music in most markets |
Pakstan c.bank to buy govt paper in 4-day reverse-repo
Hitting the beach in Australia? Bring your phone |
Asia Fuel Oil- Taiwan Formosa sells 50,000T Jan at higher prices
Pakistan
China property prices higher in December
S. Korean firms eye fresh gains at US auto show
Korea Hot Stocks-Samsung Elec up firmly on foreign buying
Elijah Wood predicts amazing reunion on Hobbit |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01