Sweden's Tele2 Exits Russian Mobile Market

Nordic telecoms company Tele2 said on Wednesday it would sell its Russian operations to bank Russia's VTB Group in a $3.5 billion deal. Meanwhile, Alfa Group, owned by Russian tycoon Mikhail Fridman, became embroiled in a battle. A1, Alfa Group’s investment vehicle, said on Thursday it would challenge a deal by state-owned VTB to acquire 100 percent of Tele2 Russia, claiming the transaction runs counter to the interests of minority shareholders at Tele2 and the Kinnevik investment company that controls the Swedish telecoms holding. The deal has not yet been closed. A1 also said it was ready to immediately present an offer “to buy 100 percent of Tele2 Russia at a price ranging from $3.6 billion to $4 billion, all payable in cash.” Tele2 was quick to respond to A1’s statement. “I have just read this statement [by A1] and would like to say that we are very pleased with our deal with VTB, which we think is a very strong deal,” Tele2 spokesman Lars Torstensson said.

http://www.reuters.com/article/2013/03/27/tele-idUSL5N0CJ46X20130327
http://www.reuters.com/article/2013/03/28/russia-tele-idUSL5N0CK0KE20130328
http://en.ria.ru/business/20130328/180297006/Alfa-Group-VTB-Bank-Locked-in-Battle-Over-Swedish-Telecom.html