UPDATE: Vimpel (VIP) Pops as Altimo Grabs Bigger Stake

August 15, 2012 3:19 PM EDT
(Updated - August 15, 2012 3:27 PM EDT)

Vimpel (NYSE: VIP) spiking higher which could be attributed to Russia's Altimo now holding a 40.5 percent stake in the company.

According to Reuters, Mikhail Fridman's Alfa Group unit Altimo gained the stake after sinking $3.6 billion into the company, moving its stake from 25 percent to the current level. Shares were bought from Naguib Sawiris' Weather company.

Firdman expects Telenor to boost its stake to regain the largest holding in the company. Currently, Telenor has 38.5 percent, but holds an option to acquire a 43 percent stake.

Shares are 10.2 percent higher on the session.

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