BOΔAΦOHb 2.0

Last week, in writing to clients about the Telenor results, I included a comment to the effect that I was concerned the complicated solution proposed for the row with Alfa Group over control of Kyivstar (Ukraine) and Vimpelcom (number two in Russia) could get a lot more complicated if a financially stronger and larger player (say one which might be on the verge of being handed $45bn or so) were to emerge as a partner with Alfa. Damned if today we don't see a story about MTS (the leading player in the Russian market). Is this genuine, a typical market rumor, or a head-fake by Vodafone M&A strategists?