Change partners

M&A mayhem appears to have broken out. Reuters is reporting that Alfa Group of Russia (TeliaSonera's partner in MegaFon) has tabled a higher bid for the 27% of Turkcell which TeliaSonera appeared to have nailed on Tuesday. I, and seemingly everyone else, subsequently upgraded the stock, as this sort of deal would truly transform the fortunes of the group, and judging from the relative performance of TeliaSonera and Telenor yesterday, it looked like there was a lot of switching going on, on this basis. Oh dear. This should make the next MegaFon board meeting even more interesting...