Altimo says happy with Vimpelcom stake for now

By Kirstin Ridley, European Telecoms Correspondent

PARIS (Reuters) - Altimo, the telecoms investment vehicle of Russian oil-to-banking billionaire Mikhail Fridman, said on Thursday it had no current plans to raise its stake in Vimpelcom, Russia's second-largest mobile phone company.

But Teijo Pankko, Altimo's chief financial officer, said this did not mean the company was not seeking greater control over the mobile phone business.

"We are not considering it (further share purchases) at the moment," he told the Reuters Global Technology, Media and Telecoms Summit in Paris.

"I think we have confidence the stake we have now is enough to give us influence over the company," he added.

Altimo has a history of taking minority stakes, battling to boost its leverage and sparking boardroom and legal spats over strategy and control.

Altimo and Vimpelcom shareholder Telenor (TEL.OL: Quote, Profile, Research, Stock Buzz), the Norwegian telecoms operator, have been locked in legal and boardroom battles over strategy, including over how many board members each party should appoint.

Altimo currently owns 42.4 percent of the U.S.-listed business, while the Norwegians have increased their stake to 29.9 percent -- the maximum they can buy without launching an offer for the remaining shares.

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