Telenor ASA, Norway's largest phone company, is said to have hired investment bankers to explore the sale of its stake in VimpelCom Ltd (ADR) (NASDAQ: VIP), a Netherlands-based provider of telecommunications services with operations in 14 countries.
Bloomberg, citing "people with knowledge of the matter," reported that Telenor's 33 percent stake in VimpelCom is valued at around $2.06 billion.
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Telenor is said to be talking to potential buyers and may decide to only sell part of its stake if it can't find a buyer willing to acquire the entire position. Meanwhile, VimpelCom also hired bankers to value its shares and search for buyers.
Telenor's CEO Sigve Brekke was quoted as saying last night that he is looking to sell the stake at a "fair price" and the move shouldn't be sen as "dumping" its position.
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