Russian Svyazinvest eyes control of Megafon
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[January 14, 2010]

Russian Svyazinvest eyes control of Megafon

(M&A Navigator Via Acquire Media NewsEdge) Russian state-owned telecommunications holding OAO Svyazinvest is seeking to acquire home mobile operator Megafon, Russian business daily Vedomosti wrote on Thursday, quoting communication minister Igor Schegolev.



Svyazinvest is already negotiating with Russian businessman Alisher Usmanov, controlling a third of Megafon's stock, but it is also trying to take the stake owned by Russian industrial and financial conglomerate Alfa Group, in order to get control of the mobile operator and thus protect its investment, Schegolev told the paper.

However, Alfa Group and Megafon's other main shareholder, Swedish TeliaSonera (STO:TLSN), have recently proposed a merger between Megafon and Turkish peer Turkcell (IST:TCELL), in which both own large stakes. An unnamed source told the paper that the government is against such a deal as it would result in a company incorporated outside Russia and thus not serve the country's best national interest.


Usmanov's company AF Telecom is also opposing the merger.

Country: Russia Sector: Telecommunications Target: Megafon OAO Buyer: OAO Svyazinvest Vendor: Alfa Group; Alisher Usmanov Type: Corporate acquisition Status: Speculation; Talks ((Comments on this story may be sent to tww.feedback@m2.com)) (c) 2010 M2 COMMUNICATIONS

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