Telecom share swap approved

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Telecom share swap approved

Apr 16, 2008
By TBT staff

OUTVOTED: Economy Minister Gerhards wanted to sell Lattelecom entirely, but the Cabinet opted to keep a 51 percent stake indefinitely.

RIGA - Latvia’s government finally decided the fate of Lattelecom, approving a complex share swap with Scandinavian-owned TeliaSonera that in the end may net up to 270 million lats (385 million euros). The swap with TeliaSonera, which the Transport Ministry pushed, was selected over an alternate option proposed by the Economy Ministry that recommended selling 100 percent of Lattelecom outright at an auction with strategic investors. In accordance with the swap, the government will retain i ...

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