Telenor Seeks Injunction to Protect its Pre-emptive Rights in the Wind Telecom Transaction
(Thomson Reuters ONE) -
(Fornebu, Norway - 7 February 2011) Telenor has petitioned the Commercial Court
in London, England for interim injunctive relief in support of Telenor's
arbitration action against VimpelCom Ltd., Altimo Holdings & Investments Ltd.
and Altimo Cooperatief U.A. Telenor commenced its arbitration on 28 January to
protect its pre-emptive rights in the context of VimpelCom's proposed
acquisition of Wind Telecom S.p.A.
Telenor is seeking an injunction that will require VimpelCom to issue to Telenor
its pre-emptive rights shares at the same time that VimpelCom issues shares to
the Wind Telecom shareholders if the proposed Wind Telecom acquisition is
completed. Telenor has proposed that its shares be placed in escrow until the
arbitration tribunal has reached a decision, on the condition that Telenor will
pay the full purchase price for its shares to the escrow agent when the shares
are issued. The shares will remain in escrow until the arbitration tribunal has
determined whether Telenor is entitled to receive its pre-emptive rights shares.
If the arbitration tribunal agrees with Telenor that the Wind Telecom
transaction is not a related M&A transaction, then the shares will be released
to Telenor and the purchase price released to VimpelCom. Should the tribunal
decide that the transaction is a related M&A transaction, the shares will be
returned to VimpelCom for cancellation and the purchase price returned to
Telenor.
"Telenor believes this proposal is a fair and equitable solution that will
preserve the status quo while the arbitration is ongoing and ensure that no
party will be unfairly disadvantaged if the Wind Telecom acquisition is
completed as presently proposed," said Telenor spokesman Dag Melgaard.
Contact:
Dag Melgaard, Communication Manager, Telenor Group Communications
tel: +47 901 92 000
e-mail: dag.melgaard(at)telenor.com
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(i) the releases contained herein are protected by copyright and
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originality of the information contained therein.
Source: Telenor via Thomson Reuters ONE
[HUG#1486087]
Unternehmensinformation / Kurzprofil:
Datum: 07.02.2011 - 13:54 Uhr
Sprache: Deutsch
News-ID 51149
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"Telenor Seeks Injunction to Protect its Pre-emptive Rights in the Wind Telecom Transaction"
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