VimpelCom VimpelCom Ltd (ADR)(NASDAQ:VIP) shares rose more than 4% on Wednesday after Reuters said the Russian telecom group and Hutchison Whampoa have resumed talks on merging their Italian mobile divisions. 

One source close to the matter said “the talks are live again,” encouraged by news that Hutchison Whampoa’s mobile telecom brand 3 has been green lighted to finalize an acquisition in Ireland. 

Morgan Stanley is advising VimpelCom VimpelCom Ltd (ADR)(NASDAQ:VIP) on the deal, while Hutchison Whampoa has hired Goldman Sachs, sources noted. In addition, Italy’s Mediobanca should also play a role on the deal. 

VimpelCom, Hutchison Whampoa, Goldman Sachs, Morgan Stanley and Mediobanca declined to comment on the news. 

In afternoon trade, VIP shares were up 4.3% to $8.75. The stock is near the low end of the 52-week spread of $7.53 – $14.74.