Russia’s anti-competition watchdog has filed a complaint against Telenor over its deal to up its stake in Vimpelcom.

In February, Telenor announced it had paid €288 million for 234 million VimpelCom preferred shares from Weather Investments that took its stake from 25 percent to 36.4 percent.

Although the Norway-based operator said it had not been formally notified, the Federal Antimonopoly Service is understood to have gone to the principal commercial court in Moscow seeking to invalidate the deal.

In a statement, Telenor said it understands the FAS has alleged it has violated the Russian Strategic Investment Law.

As a result it has requested that the court invalidates the transaction and requires Telenor to return the VimpelCom shares it acquired to Weather Investments.

In addition, Telenor, VimpelCom and Altimo would be required to enter into a new shareholders agreement with substantially the same terms as the VimpelCom shareholders agreement terminated by Altimo last year.

A Telenor spokesman said the operator believed it had “fully complied” with the Strategic Investment Law.

"We have provided the FAS with all of the information it has requested.  There has not been any change of control in VimpelCom, nor is there any agreement between Telenor and Weather Investments concerning control of VimpelCom,” the spokesperson continued. 

“We are open to a dialogue with the FAS, but we will defend Telenor's position using all available remedies under applicable law and treaties."

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