Telenor and Alfa Group's telecoms arm, Altimo, will have stakes of about 38% each in the merged entity.

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Each entity in the system, he finds, has its own political master, most with egos that have to be stroked.

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In that regard, utility deals need approval from the public service commissions of each jurisdiction in which the combined entity is to do business, as well as the Securities and Exchange Commission, the Federal Energy Regulatory Commission and the Federal Trade Commission.

FORBES: Energy Companies Pursue Justice at a Fixed Cost