TeliaSonera offentliggör kontantbud på Eesti Telekom

TeliaSonera offentliggör kontantbud på Eesti Telekom

TeliaSonera, det ledande telekommunikationsföretaget i Norden och
Baltikum, har idag sitt beslut att lämna ett offentligt erbjudande att
förvärva samtliga utestående aktier i AS Eesti Telekom. TeliaSonera äger
för närvarande 48,91 procent av aktierna i Eesti Telekom.

TeliaSonera avser att, via sitt holdingbolag Baltic Tele AB, erbjuda EEK
111,30 kontant för varje A-aktie och EEK 11.130 kontant för den B-aktie
i Eesti Telekom, som innehas av Republiken Estland. Erbjudandets värde
för de aktier som inte redan ägs av TeliaSonera (51,09 procent) är EEK
7.827 miljoner (EUR 500 miljoner). Dessutom har Eesti Telekoms
Supervisory Council godkänt förslaget från styrelsen för Eesti Telekom
att föreslå en utdelning på EEK 8,00 vid Eesti Telekoms ordinarie
bolagsstämma 2004. TeliaSonera räknar med att utdelningen kommer att
betalas ut till aktieägarna innan anmälningstiden för erbjudandet utgår.
Tillsammans med utdelningen representerar erbjudandet ett värde
motsvarande 12,3 procent över den volymviktade genomsnittliga
aktiekursen för Eesti Telekom under de senaste tolv månaderna.

Prospektet, som beskriver erbjudandet i detalj, kommer att publiceras
när det har godkänts av Finansinspektionen i Estland. Det tryckta
prospektet kommer att finnas tillgängligt på Hansapanks huvudkontor,
Liivalaia 8, Tallinn, Estland.

Anmälningstiden för erbjudandet inleds den dag prospektet publiceras och
pågår under 42 dagar. Prospektet förväntas bli godkänt av
Finansinspektionen i Estland och publiceras senast i slutet av april.

?Erbjudandet är villkorat av att det accepteras i sådan utsträckning att
TeliaSonera, via Baltic Tele, blir ägare till minst 85 procent av det
totala antalet aktier i Eesti Telekom. Ett villkor är dessutom att
erbjudandet godkänns av den estniska konkurrensmyndigheten.

TeliaSonera kommer inte att höja det erbjudna priset.

TeliaSonera äger för närvarande, via Baltic Tele, 48,91 procent av
aktierna i Eesti Telekom. Erbjudandet gäller de 27,23 procent som ägs av
Republiken Estland och de 23,86 procent som ägs av övriga investerare.
Eesti Telekoms A-aktier är noterade på Tallinnbörsen (HEX:ETLAT) och
internationella förlagsbevis representerande Eesti Telekoms A-aktier
finns upptagna på den officiella listan från Storbritanniens Listing
Authority och för handel på Londonbörsen. Ett särskilt aktieägaravtal
avseende Eesti Telekom har hindrat TeliaSonera från att förvärva mer än
49 procent av aktierna före det att avtalet löper ut den 10 maj 2004.

Sedan samgåendet mellan Telia och Sonera i december 2002, har
TeliaSonera arbetat i enlighet med målsättningen att stärka TeliaSonera
som ledande telekomoperatör i Norden och Baltikum. Affären kommer att
utgöra nästa steg i konsolideringen av de ledande operatörerna i
regionen. Det här erbjudandet ligger i linje med strategin att utnyttja
tillfällen att skapa högre aktieägarvärde.

Priset gällande erbjudandet speglar de synergier som TeliaSonera räknar
med att kunna realisera som ett resultat av förvärvet. Investeringen
förväntas ha en positiv effekt både på resultat och kassaflöde.
Synergierna förväntas huvudsakligen utgöras av samordningsfördelar i
fråga om kostnader och investeringar och där de viktigaste besparingarna
kan ske inom områdena inköp, produkt- och serviceutveckling samt IT-
system och infrastruktur. På lång sikt förväntas ytterligare fördelar
till följd av integreringen i regionen och utvecklingen av bolaget.

"Som tidigare nämnts är vår utgångspunkt i fråga om förvärvsstrategin
att bygga på eller öka vår styrka i Norden och Baltikum. Att öka
ägarandelen i Eesti Telekom är ett bra exempel på det. Vi kan öka vår
styrka i regionen och det är något som båda företagen har fördel av. En
gemensam plattform för Eesti Telekom och TeliaSonera kommer att gynna
både privat- och företagskunder i termer av service och ett bredare
produktsortiment. Jag tror att detta kommer att vara viktigt för
utvecklingen av den allt mer integrerade regionen Norden och Baltikum",
säger TeliaSoneras koncernchef Anders Igel.

Finansinspektionen i Estland har underrättats om TeliaSoneras beslut att
lämna ett offentligt erbjudande.


AS Eesti Telekom och dotterbolag
2003 2002
Totalomsättning (EEK milj.) 4.808 4.560
Årlig tillväxt (%) 5% 8%
EBITDA (EEK milj.) 2.118 2.131
EBIT (EEK milj.) 1.237 1.130
CAPEX (EEK milj.) 563 627
Mobilabonnemang, EMT (000) 492 428
Fasta abonnemang, Elion (000) 445 465
Internetabonnemang, Elion (000) 51

Växelkurs: 1 EUR = 15.6466 EEK; 1 SEK = 1.7044 EEK





Bilaga: Meddelande om beslut att lämna ett offentligt erbjudande.

Inbjudan till presskonferens i Tallinn
Representanter för media inbjuds till presskonferens med Kenneth
Karlberg, VD för TeliaSonera Norge, Danmark och Baltikum.

Presskonferensen kommer att äga rum i Tallinn kl. 17.00 lokal tid (16.00
CET, Stockholmstid) idag, den 14 april, på Radisson SAS Hotel,
Bremerhaven Room, Rävala puietsee 3

_______________________________________________
Ytterligare information till journalister kan lämnas av:
Birgitta Grafström, Communications Manager, TeliaSonera Norge, Danmark,
Baltikum, tel: 070-555 00 04
TeliaSoneras presstjänst, tel: 08-713 58 30


This press release may not be published, distributed, diffused or
otherwise sent in or into the United States of America (including its
territories and possessions, every State of the United States and the
District of Columbia), Canada, Japan or Australia and it does not
constitute an extension into the United States, Canada, Japan or
Australia of the offer mentioned in this press release.

The offer mentioned in this press release is not being made in the
Republic of Italy and has not been cleared by CONSOB pursuant to Italian
laws and regulations. Accordingly, persons resident in Italy may not
participate in this offer and neither this press release nor any other
material relating to the offer may be distributed or made available in
the Republic of Italy.

This press release does not constitute an offer to buy or the
solicitation of an offer to sell any securities pursuant to the offer
mentioned in this press release or otherwise. This press release must
not be passed on to anybody else.

The full terms and conditions of the offer mentioned in this press
release will be set out in the prospectus detailing this offer to be
published after its approval by the Estonian Financial Supervision
Authority and, in the case of relevant global depositary receipt ("GDR")
holders of AS Eesti Telekom, the instructions which will be made
available by Baltic Tele AB to such GDR holders on how this offer may be
accepted by them. Relevant holders of shares or GDRs of AS Eesti
Telekom may rely only on such prospectus and instructions for all the
terms and conditions of this offer.

The offer mentioned in this press release is directed only at persons
outside the United Kingdom or having professional experience in matters
relating to investments and this offer is available only to and will be
engaged in only with such persons. Persons in the United Kingdom who do
not have professional experience in matters relating to investments
should not rely or act on any information included in this press
release.

The availability of the offer mentioned in this press release may be
affected by the laws of jurisdictions in addition to those mentioned
above and holders of shares or global depositary receipts of AS Eesti
Telekom must inform themselves about and observe any such restrictions.








Bilaga

NOTICE OF DECISION TO MAKE THE CASH OFFER

Baltic Tele AB, registration number 556454-0085, address c/o TeliaSonera
AB, Ekonomi, Box 7754, SE-103 96, Stockholm, Sweden, decided on 14 April
2004 to make an offer to acquire all shares of AS Eesti Telekom,
registry code 10234957, address Roosikrantsi 2, 10119 Tallinn, not
already owned by Baltic Tele AB from all holders of shares of AS Eesti
Telekom ("Shareholders") on the following terms and conditions (the
"Offer"):

1. Baltic Tele AB and persons acting in concert with Baltic Tele
AB:

Baltic Tele AB is a holding company belonging to the TeliaSonera group
of companies ("TeliaSonera Group"). All shares of Baltic Tele AB are
owned by TeliaSonera AB (publ), a company incorporated pursuant to the
laws of Sweden with registration number 556103-4249 ("TeliaSonera AB"),
which is the ultimate parent company of the TeliaSonera Group. The
persons acting in concert with Baltic Tele AB within the meaning of the
Securities Market Act of Estonia are the companies controlled by
TeliaSonera AB.

2. Number of shares of AS Eesti Telekom owned by Baltic Tele AB
and persons acting in concert:

Baltic Tele AB owns 67,317,756 A-shares of AS Eesti Telekom,
representing 48.91% of the total number of shares of AS Eesti Telekom.
None of the persons acting in concert with Baltic Tele AB owns any
shares of AS Eesti Telekom or any securities convertible into or rights
to subscribe for any shares of AS Eesti Telekom.

3. Description of shares in respect of which the Offer is made:

The total number of shares issued by AS Eesti Telekom is 137,644,429,
which is divided into 137,644,428 A-shares (the "A-Shares") and 1 B-
share (the "B-Share").

The Offer is made in respect of all shares of AS Eesti Telekom not
already owned by Baltic Tele AB, being 70,326,672 A-Shares and one B-
Share representing 51.09% of all shares of AS Eesti Telekom (the
"Shares").

A-Shares are freely transferable shares with a nominal value of EEK 10
each. A-Shares are listed on the Tallinn Stock Exchange (HEX Tallinn)
and global depository receipts ("GDRs") representing the A-Shares (each
GDR represents 3 A-Shares) are admitted to the official list of the
United Kingdom Financial Services Authority in its capacity as competent
authority under the United Kingdom Financial Services and Markets Act
2000 and to trading on the market for listed securities of the London
Stock Exchange plc. Each A-Share gives the Shareholder one vote at the
general meeting of shareholders of AS Eesti Telekom.

The B-Share is a preferred share having a nominal value of EEK 1,000.
The B-Share grants the Shareholder the preferential right to a dividend
as a fixed sum in the amount of EEK 10,000 and gives the Shareholder one
vote at the general meeting of shareholders to vote only on the
following issues (a limited right to vote) (i) amendment of the articles
of association; (ii) increase and reduction of the share capital; (iii)
issuance of convertible bonds; and (iv) merger, division, transformation
and/or dissolution of the company. The B-Share is not admitted to
trading in any stock exchange or other regulated market. Pursuant to the
shareholders' agreement relating to AS Eesti Telekom dated 21 December
1998 the B-Share shall be converted into A-Shares and all rights
attaching to the B-Share will cease to have any application on 10 May
2004. In the event the B-Share will be converted into A-Shares during
the Offer Period (as defined below), the Offer shall also apply to all
A-Shares issued in replacement of the B-Share.

In the event any convertible bonds issued by AS Eesti Telekom will be
converted into A-Shares and the increase of the share capital of AS
Eesti Telekom necessary to effect such conversion will be registered
with the Commercial Registry during the Offer Period, the Offer shall
also apply to all A-Shares issued in exchange of the convertible bonds
In the event any convertible bonds issued by AS Eesti Telekom will be
converted into A-Shares after the expiry of the Offer Period (i.e. if
the increase of the share capital of AS Eesti Telekom necessary to
effect such conversion will be registered with the Commercial Registry
after the expiry of the Offer Period), then, within six months after the
expiry of the Offer Period, Baltic Tele AB shall purchase all such A-
Shares issued in exchange of the convertible bonds for the A-Share Price
(as defined below), provided that the Conditions Precedent (as defined
in subsection 6 below) will be fulfilled during the Offer Period.

4. Purchase price:

EEK 111.30 per A-Share (the "A-Share Price")
EEK 11,130 per B-Share (the "B-Share Price")

In case the B-Share will be converted into 100 A-Shares during the Offer
Period, then the purchase price for each A-Share issued in replacement
of the B-Share shall be the A-Share Price.

5. Offer period

The period of acceptance of the Offer (the "Offer Period") begins after
the approval of the notice and prospectus of the Offer by the Estonian
Financial Supervision Authority ("FSA") on the date of publishing of the
notice and prospectus of the Offer and ends on the date being 42 days
from the beginning of the Offer Period (the "Closing Date"). The
transaction instructions of the Shareholders wishing to accept the Offer
must be registered with the Estonian Central Register of Securities (the
"ECRS") by 5.00 p.m. Estonian time on the Closing Date.

6. Conditions for the completion of the Offer

The rights and obligations determined by the Offer shall arise in case
both of the following conditions ("Conditions Precedent") are fulfilled:

a. Baltic Tele AB obtains, during the Offer Period, the approval
of the Estonian Competition Board for the acquisition of control over AS
Eesti Telekom (permission for concentration);
b. Shareholders give acceptances to the Offer in such extent which
will result in Baltic Tele AB holding, together with the shares of AS
Eesti Telekom held by Baltic Tele AB on 14 April 2004, at least eighty
five per cent (85%) of all shares of AS Eesti Telekom ("Threshold
Condition").

Baltic Tele AB shall have the right to waive the Threshold Condition not
later than on the 10th calendar day before the expiry of the Offer
Period.

7. Method of payment of the purchase price and transfer of Shares

Baltic Tele AB shall pay the purchase price to each Shareholder who has
accepted to sell the Shares to Baltic Tele on the 10th trading day after
the Closing Date (the "Value Date") by bank transfer to such accepting
Shareholder's cash account connected to his/her/its securities account.
Baltic Tele AB shall pay the purchase price to each accepting
Shareholder against the delivery of Shares by such accepting Shareholder
to Baltic Tele AB (delivery versus payment). The Shares to be acquired
by Baltic Tele AB shall be transferred from each accepting Shareholder
to Baltic Tele AB on the Value Date interdependently and simultaneously
with the transfer of the purchase price for the Shares to the cash
account of such accepting Shareholder (delivery versus payment). For the
purposes of this document, the "trading day" shall mean the day when the
trading system of the Tallinn Stock Exchange (Hex Tallinn) is open for
trading.

8. Procedure for accepting the Offer

Starting from the beginning of the Offer Period, each Shareholder
wishing to accept the Offer should contact the relevant financial
institution operating the securities account on which the Shares
belonging to such Shareholder are held (ECRS account operator) and
register a transaction instruction, in accordance with the terms to be
detailed in the prospectus of the Offer, for the sale of Shares to
Baltic Tele AB against payment.

In accordance with the laws of the Republic of Estonia, on 14 April 2004
Baltic Tele AB has submitted the notice and prospectus of the Offer to
FSA for approval. According to the Securities Markets Act of Estonia,
the FSA shall decide on the approval of the notice and prospectus of the
Offer within 15 calendar days as of the receipt of the respective
application of the offeror. The notice and prospectus of the Offer shall
be published after their approval by the FSA.

The prospectus will be made electronically available on the Internet
website of Tallinn Stock Exchange (www.hex.ee) and the printed
prospectus will be made available at Hansapank's main branch at
Liivalaia 8, Tallinn, Estonia.

The above-specified terms of the Offer may be changed or specified, if
so requested by the FSA. If the FSA decides not to approve the notice
and prospectus of the Offer, then the Offer will not be made.

All information contained in this document is presented as at 14 April
2004, the date of submission of the prospectus and notice of the Offer
to the FSA for approval. Neither the delivery of this document nor the
making of the Offer shall in any circumstances imply that the
information contained in this document is correct at any time subsequent
to the above-referred date or that any other information supplied in
connection with the Offer is correct as of any time subsequent to the
date indicated in the document containing such information.





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