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29 Mar, 2007 07:09

Shareholder blocks VimpelCom's worldwide expansion

Shareholder blocks VimpelCom's worldwide expansion

Norwegian Telenor, a shareholder of Russia’s second largest mobile operator VimpelCom, is opposing plans for it to buy assets outside the CIS. Another shareholder, Altimo, is strongly behind the plan.

It is the latest in a series of disputes between the Norwegian company and its fellow VimpelCom shareholder Altimo.

The decision by the company's board will upset Altimo plans to buy mobile operators in Vietnam and Indonesia through VimpelCom.

Some analysts believe Telenor fears competition in the growing Asian market.