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VimpelCom Pares Drop After Decision Not to Boost Euroset Stake
VimpelCom Ltd. (VIP) pared its decline in New York trading after the company said it won’t exercise a call option to boost its stake in mobile-phone retailer Euroset Holding NV, operator of Russia’s biggest mobile-phone retailer.
American depositary receipts of VimpelCom fell 0.9 percent to $9.49 by 2:37 p.m. in New York, after earlier dropping as much as 2.3 percent, the most since Dec. 14, according to data compiled by Bloomberg.
VimpelCom, which has owned 49.9 percent of Euroset since 2008, has decided against acquiring an additional 24.95 percent of the company, according to a statement issued by PR Newswire today. VimpelCom had until January to consider whether to take up the call option.
Amsterdam-based VimpelCom sold $3.7 billion of debt this year, the biggest Russian corporate bond issuer, data compiled by Bloomberg show.
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