Shareholder restructuring of MegaFon takes place
27th April 2012
A shareholder restructuring worth £5.3bn (or $8.5bn) of the Russian mobile phone operator OAO MegaFon has taken place, with three American-headquartered firms granted leading roles in the process.
Several companies with a concern in the nation’s second largest business of its kind saw the proportion of their shares either rise or fall, with total dividend payouts amounting to £3.2bn.
Altimo cut its ties with MegaFon altogether, selling its 25.1 per cent stake to AF Telecom, whilst another fellow operator, TeliaSonera, reduced its interest to 35.6 per cent from 43.8 per cent.
The eventual resolution of what has been a protracted and acrimonious shareholder dispute should now allow the telecommunications giant to advance its long-held plans to join the London Stock Exchange.
Although no solicitors with London legal jobs were involved, the restructuring does highlight the potential for firms to offer their assistance with complex processes like this, easing the difficulties inevitably presented by such multimillion pound transactions.