MegaFon: Calm before the Sale
The conflict among the shareholders in MegaFon, Russia's third largest cellular operator, is coming to an end. Jeffrey Golmond, Leonid Rozhetskin, and Altimo, the holding that manages the telecommunications assets of Alfa Group, are preparing to sign an agreement to call off the suits they have filed against each other. Galmond owns 58.9 percent of Telecominvest, which owns 31.3 percent of MegaFon, and 100 percent of IPOC, a fund in Bermuda that owns 8 percent of MegaFon.
Analysts say this sudden outbreak of harmony is part of pre-sale preparations and may have been brokered by businessman Alisher Usmanov, who, market sources say, intends to acquire Galmond's shares in Telecominvest and MegaFon. He already owns 15 percent of Telecominvest, which he acquired from OAO CZT.
IPOC and Altimo have been embroiled in court battles almost since the moment Alfa bought 25.1 percent of the stock in the company from Rozhetskin in August 2003. IPOC claimed that it had an option on that stock. MegaFon serves about 32.3 million subscribers. It had proceeds of $3.7 billion last year, with a net profit of $812.7 million.
www.kommersant.com
All the Article in Russian as of July 30, 2007
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