OSLO, Nov 1 (Reuters) - Telenor has asked an arbitration panel to uphold a key shareholder agreement in mobile phone operator Vimpelcom and thereby effectively block the appointment of a new board, the Norwegian firm said on Tuesday.
Telenor’s power struggle with Russia’s Alfa Group intensified in June when Alfa’s Altimo unit said it had cut its stake in Vimpelcom to less than 25 percent, thereby voiding the shareholder deal and allowing a board reshuffle from Dec. 10.
Telenor said in a statement that it believes Altimo sold the stake to a company ultimately controlled by the owners of Alfa Group and that the shareholder pact should therefore be upheld.
“We’re asking the arbitration panel for a temporary injunction to uphold today’s shareholder agreement,” Telenor spokeswoman Marianne Moe said. (Reporting by Joachim Dagenborg)