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April 15, 2004

TeliaSonera offer for Eesti gets cool reception

Nordic telecoms operator TeliaSonera AB faces a battle to win complete control of Estonian incumbent AS Eesti Telekom after its 500m euro ($585m) cash offer for the 51.09% of shares it does not own was greeted with a lukewarm response.

By CBR Staff Writer

The Estonian government, which still owns 27.23% of the company, and local analysts both described the offer as too low, though TeliaSonera has made it clear it will not increase the bid.

TeliaSonera said the offer is part of its ambition to become the leading telecom operator in the Nordic and Baltic region, and said the transaction represents the next step in the consolidation of the leading operators in the region.

This article is based on material originally published by ComputerWire

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