TALLINN - TeliaSonera, the Scandinavian telecommunication company said it was not planning any further management roles in the Estonian operator despite having raised its shareholding in Eesti Telekom to over 50 percent last month.
Kjell Lindstrom, chief of communications for Norway, Denmark and the Baltic states, told the Baltic News Service on Jan. 5 that decisions concerning activity on the market were made by Eesti Telekom's national management. In his words, Eesti Telekom was an efficient company offering good services. "We are not planning any major changes," he said.
Lindstrom also confirmed that the management board of Eesti Telekom would continue in its present lineup. He said that local people would lead companies in accordance with TeliaSonera's practices.
The company has had a majority on the supervisory board of Eesti Telekom since the last general meeting of its shareholders. Moreover, the chairman of the company's management board, Jaan Mannik, said that TeliaSonera used to have de facto control over Eesti Telekom as owner of 49 percent of the company's stock and now that it had more than 50 percent was not planning any significant changes to company management.
TeliaSonera announced in December that it had increased its stake in the Estonian operator from 49.9 percent to just above 50 percent. By national law, acquisition of a more than 50 percent stake requires making a public offer for the rest of the shares. The Scandinavian company is offering to pay 109.84 kroons per share, the price it paid for Eesti Telekom shares in the deal that brought its holding above 50 percent.
The offer, however, has yet to be endorsed by the Financial Supervision Authority, and its acceptance opens on the formal announcement's day of publication, along with prospectus.
The offer will be open for 42 days.
Lindstrom again confirmed that TeliaSonera's goal was to acquire all outstanding shares in Eesti Telekom. TeliaSonera wishes to fully integrate the latter into its group, for which a shareholding of 100 percent, or close to it, is needed.