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Telenor Starts Public Sale of $556 Million VimpelCom Stake

  • Norway’s Telenor bookbuilding to sell 8.1% of VimpelCom
  • Sale will boost free float in emerging-markets phone company
Updated on

VimpelCom Ltd fell the most in more than seven months in New York after co-owner Telenor ASA said it started reducing its 33 percent stake in the emerging-markets carrier through a public offering of about $556 million of American depository shares.

Telenor will sell about 142.5 million shares, or about 8.1 percent of VimpelCom, the Oslo-based company said in a statement on Monday. Telenor has granted underwriters an option to purchase as many as 21.4 million additional VimpelCom shares, it said. The Nordic region’s biggest phone company may also offer as much as $1 billion in 3-year bonds exchangeable into VimpelCom stock.