MOSCOW, September 24 - RAPSI. The conflict between the federal antitrust authority and the Norwegian Telenor over its interest in VimpelCom Ltd. is not likely to be resolved before the end of September, the head of the antitrust watchdog Igor Artemyev told journalists on Monday.

VimpelCom Ltd. controls the major Russian telecommunications provider VimpelCom.

"We will most likely do so after October 1," he said, while commenting on the situation. Artemyev said on September 13 that the conflict could be resolved in the next two weeks.

In February, Telenor acquired shares in VimpelCom from Weather Investments II, controlled by Egyptian businessman Naguib Sawiris, and increased its voting stake in the holding company first from 25.01 to 36 percent, and then to 39.5 percent. Subsequently, the parties signed an option agreement that allowed the Norwegian company to increase its stake to 43 percent. The watchdog challenged the transaction, and said the only way to resolve the conflict would be to distribute the shares in the company equally among the Russian and foreign shareholders. Altimo, a Russian shareholder, holds 40.5 percent. Telenor was also prohibited from implementing the option agreement under the watchdog's lawsuit.

"Everything is okay so far, but there is uncertainty regarding the option. This is the only issue that is preventing our progress," Artemyev said.

"If we could delay the option for several months - I'm sure it's the last thing that we should do - we would be able to agree on the remaining issues," he said.

Earlier, Artemyev said the conflict should be resolved before October 1 when the agreement expires. Pursuant to the document, Telenor must buy three percent of VimpelCom's shares from Sawiris. Telenor had confirmed that it was determined to execute the agreement. Altimo has also voiced concern about the option agreement, stating that a foreign shareholder would then control the Russian operator. Similar concerns have been voiced by parliamentarian deputies, who earlier wrote a letter to the prime minister, the prosecutor general, the antitrust watchdog, and various other state agencies expressing their worry over the matter.