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Russian giant Megafon tries again with London flotation

Megafon, the Russian telecoms giant controlled by Arsenal's second-biggest shareholder, Alisher Usmanov, confirmed plans yesterday for a London stock market float that could value the business at $14bn (£9bn).

Plans for the initial public offering were temporarily dropped last month amid market jitters and concerns over corporate governance as Goldman Sachs withdrew as an adviser. But Megafon's 15 per cent float is now back on, with shares priced between $20 and $25, in one of the biggest Russian IPOs in London. Dealing begins on 28 November.

Those close to Megafon, Russia's second-biggest telecoms company, insist the governance issues have been sorted out and investors hold it in "high regard". The board will have three directors representing Mr Usmanov, two for TeliaSonera, the other key shareholder, and two independents.