Telenor could soon lose sway over Vimpelcom April 18, 2011 NORWAY’S Telenor faces losing its influence over Russian mobile operator Vimpelcom after fellow leading shareholder Altimo said it wants to scrap the company’s shareholder agreement to reflect the Russian telecom group’s recent blockbuster merger. Vimpelcom last week closed a $6bn (£3.7bn) cash-and-shares deal for 51.7 per cent of Orascom Telecom and 100 per cent of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 17, 2011 FINANCIAL TIMES EU TO PROBE DATA TRAFFIC MANAGEMENT Regulators are to launch the first pan-European investigation into telecoms companies’ controversial data traffic management practices, in an attempt to safeguard so-called net neutrality principles. European regulators will scrutinise whether fixed-line phone and mobile operators are giving consumers enough information about their traffic management policies. ACTELION GAINS [...]
Mamut ploughs on with Nomos despite setback April 17, 2011 BILLIONAIRE oligarch Alexander Mamut is set to become a cornerstone investor in Russian private bank Nomos in its upcoming London share offering, despite failing to raise funds in an aborted stock market sale last week. The Moscow-based businessman, best known in Britain as the owner of blogging site Livejournal, has placed an order for tens [...]
BP oligarchs talk tough over Rosneft dispute April 15, 2011 BP’s partners in its Russian venture TNK-BP rejected the UK oil major’s attempts to settle a dispute caused by its $18bn (£11bn) tie-up with Rosneft, casting further doubt on the deal. “Now is the time for sensible proposals from BP to resolve the problems that have been created,” Stan Polovets, chief executive of AAR, the [...]
Euroset float cancelled as buyers dither April 14, 2011 THE already shaky climate in the London new issues market worsened yesterday as the Russian mobile phone retailer Euroset pulled its £800m issue. While the deal was overshadowed by Glencore’s announcement, Euroset’s flotation is the latest smaller planned initial public offering (IPO) to have been dogged by uncertainty because of nervousness in the markets. Investors [...]
Protests mar BP’s meeting April 14, 2011 BP management faced angry protests from shareholders yesterday, as investors concerned about Russian deals, tar sands projects and the Gulf of Mexico disaster gave the company a bloody nose in the annual vote. BP said yesterday that prospective Russian partner Rosneft has given the firm more time to clear the path for its £10bn share [...]
FTSE falls with investors still cautious ahead of US results April 14, 2011 BRITAIN’S top share index fell yesterday, led by Reckitt Benckiser after the company said its chief executive was retiring, and with banks weaker on renewed worries about sovereign debt levels. The FTSE 100 fell 46.64 points, or 0.8 per cent, to 5,963.80, its lowest close since 31 March. The index is up 1.1 per cent [...]
Protests and angry investors colour BP meeting April 14, 2011 Protestors against BP’s Gulf of Mexico oil spill disaster and Canadian tar sands exploration disrupted its annual meeting today, while the company came under fire from a range of investors. Shareholders tackled BP’s board with questions over its risk management, climate change, environmental damage and the fallout from its $16bn (£9.8bn) share swap deal with [...]
Euroset confirms pulling its £800m IPO April 14, 2011 The already shaky climate in the UK’s new issues market worsened today as Russian mobile phone retailer Euroset pulled its £800m issue. The flotation has been dogged by uncertainty because of nervousness in the markets, with investors increasingly unwilling to pay up for what they deem to be overvalued stock. City A.M. broke the news [...]
Oligarchs crush BP’s £10bn dream April 13, 2011 BP’S gamble on Russian oil seemed in tatters last night, paving the way for an explosive BP shareholder meeting today. BP had hoped to wow investors with the final version of its £10bn share swap with the government-run Rosneft at today’s meeting, after signing the deal in January. But Rosneft last night said it would [...]