Shares of VimpelCom Ltd (ADR) (NASDAQ:VIP) ended Wednesday session in red amid volatile trading. The shares closed down -0.08 points or -2.35% at $3.33 with 7.05 million shares getting traded. Post opening the session at $3.43, the shares hit an intraday low of $3.32 and an intraday high of $3.45 and the price vacillated in this range throughout the day. The company has a market cap of $5.50 billion and the numbers of outstanding shares have been calculated to be 1.75 billion shares.
VimpelCom Ltd (ADR) (VIP) on Sept. 5, 2016 announced that it has accepted the resignation of Mikhail Slobodin, Chief Executive Officer (CEO) of VimpelCom Russia (Beeline), with immediate effect, following news regarding Mikhail Slobodin and his prior employer, T Plus.
Kjell Johnsen, Head of Major Markets, will lead VimpelCom’s business in Russia with immediate effect. Kjell has extensive experience in the country and will continue to drive the company’s transformation forward. Kjell Johnsen joined VimpelCom to lead VimpelCom’s Major Markets in August 2016 and has international expertise in senior roles across a variety of industries, with responsibility for markets such as Russia, Scandinavia, and Central and Eastern Europe.
Shares of Vodafone Group Plc (ADR) (NASDAQ:VOD) ended Wednesday session in red amid volatile trading. The shares closed down -0.21 points or -0.71% at $29.45 with 7.01 million shares getting traded. Post opening the session at $29.31, the shares hit an intraday low of $29.24 and an intraday high of $29.61 and the price vacillated in this range throughout the day. The company has a market cap of $75.55 billion and the numbers of outstanding shares have been calculated to be 26.56 billion shares.
On August 3, 2016 Vodafone Group Plc (ADR) (VOD) and Liberty Global plc (NASDAQ: LBTYA, LBTYB and LBTYK) welcomed the conditional clearance by the European Commission of the two companies’ proposed merger of their operating businesses in the Netherlands to form a 50:50 joint venture.
Following its Phase I investigation, the European Commission concluded that the transaction, as modified by the commitments offered by the parties, does not raise any competition concerns.
The commitments entail a divestment of Vodafone Netherlands’ consumer fixed business, prior to closing of the proposed merger of the two companies’ Dutch operations. This represents a structural remedy offered by the parties to address any concerns regarding the overlap between the fixed telecoms and TV activities of Vodafone and Ziggo in the Netherlands. Having already received a number of expressions of interest, the parties will now proceed with the sale process.
Vodafone Netherlands’ consumer fixed business has a customer base of more than 120,000 with a high triple-play penetration rate. The divestment could potentially also include MVNO access subject to agreement on commercial terms.