Public mandatory bid for Eesti Telekom closed

Following the share purchase in Eesti Telekom late December 2004, TeliaSonera's ownership in Eesti Telekom exceeded 50 percent, enabling TeliaSonera to consolidate the company. Through the consolidation of Eesti Telekom, TeliaSonera has achieved its primary objective and strengthened its position as the leading telecom group in the Nordic and Baltic countries.

Upon exceeding the 50 percent threshold, TeliaSonera was obliged to launch a mandatory public offer for all Eesti Telekom shares in accordance with the Securities Market Act of Estonia. The offer has now been concluded and 352,857 shares were acquired. Hence the holding remains at slightly above 50 percent.

“We are pleased with having been able to consolidate Eesti Telekom in TeliaSonera,” says Kenneth Karlberg, President TeliaSonera Norway, Denmark and the Baltic countries. “Eesti Telekom has continued to show good results and contribute positively towards our Nordic and Baltic strategy.”