VimpelCom shareholders have voted in favor of a $6 billion merger with Wind Telecom, despite strong opposition from major shareholder Telenor. Under the deal, the telecom assets of Egyptian billionaire Naguib Sawiris are acquired, bringing with them a series of challenges. Most particularly Algeria, where there is a possibility that Sawiris' assets, including Orascom, will be nationalized. The merger comes after months of legal wrangling with Norwegian Telenor, which was strongly opposed to the deal. Telenor holds 36 percent stake in VimpelCom, but was unable to win over minority shareholders, most of whom supported VimpelCom's other major shareholder, Alfa Group. Despite its opposition, Telenor said Thursday it remains committed to its investment in VimpelCom. VimpelCom will own, through Wind Telecom, 51.7 percent of Orascom Telecom and 100 percent of Wind Italy through the deal. BM
