Mergers and Acquistions News
Categories: Telecoms
January 18th 2011, 16:29PM
The majority of VimpelCom's supervisory board has given its final approval for the planned merger between the Russian mobile giant and Italy's Wind Telecom, formerly known as Weather Investments and owned by Egyptian Naguib Sawiris.
Six of nine directors voted in favour of the deal, but there was opposition from three directors of Telenor, a key VimpelCom shareholder.
Originally announced last October, VimpelCom will own, through Wind Telecom, 51.7 per cent of Orascom Telecom Holding and 100 per cent of Wind Italy.
The merger will create the sixth largest mobile telecoms carrier in the world, operating in 19 countries with over 173 million subscribers.
"VimpelCom's 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," said Jo Lunder, the chairman of the firm's supervisory board.
"While we acknowledge Telenor's divergent view, we believe that the majority of our shareholders recognise the strategic and financial merits of this transaction."
Shareholders will now have the final say on the deal. 
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