Russian oligarch Mikhail Fridman (pictured) has come a step closer to creating his vision of a “Vodafone of the east”, after his phone company VimpelCom agreed to take over Wind Telecom from Egyptian tycoon Naguib Sawiris.
The $6bn deal ends an acrimonious, nine-month boardroom battle between Fridman and VimpelCom’s other controlling shareholder, Telenor of Norway – marking the latest in a string of defeats for those that have stood in the way of Fridman’s vision.
Telenor said 60.2 per cent of the unaffiliated VimpelCom shareholders voted against the merger deal, but Altimo – the Fridman vehicle which controls the telecom assets of his Alfa Group – managed to win a narrow majority of voting shares. Despite its defeat Telenor said it would soldier on inside VimpelCom.
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