"As in Telenor’s original offer letter dated 17 March, this deadline is for both VimpelCom and Altimo to indicate in writing their respective good faith intention to pursue discussions concerning the proposed transaction.

“We have extended the deadline for consideration of our proposal by two weeks in order to give both Altimo and VimpelCom more time. Telenor has been and remains ready to meet with both parties to clarify our proposal. We will not, however, engage in negotiations on the terms until Altimo has agreed in principle to enter into a market-based separation mechanism,” said Telenor Executive VicePresident Jan Edvard Thygesen.

In response to Altimo’s press statement today, Mr. Thygesen said, “Telenor categorically denies any allegations that our proposal was not made in good faith. Telenor has offered a way forward for VimpelCom to purchase Kyivstar in order to support the company’s expansion into Ukraine as a market leader. We are still waiting for Altimo to make their decision on whether they would like VimpelCom to acquire Kyivstar or not. Due to the numerous and ongoing attacks over the last year, Telenor insists on a separation mechanism with Altimo, as previous negotiated agreements have been attacked within months after signing."

“Despite attempts to portray it as an end to Telenor’s partnership with Alfa, the market-based separation mechanism would not obligate either Telenor or Altimo to sell its shares in VimpelCom until one of the parties has actually triggered the mechanism; triggering of the mechanism may never happen,” explained Thygesen.