Magyar Telekom and T-Mobile Magyarország to merge
Friday, November 18, 2005, 12:26
Magyar Telekom, Hungary's incumbent telco, has called an extraordinary shareholders' meeting for December 20 to decide on the company's merger contract with its wireless services unit T-Mobile Magyarország. Magyar Telekom's board proposed the merger on October 6, and shareholders approved the proposal on November 7. The Ministry of Information Technology and Communications, along with other authorities and ministries, said they saw no reason to prevent the merger.
The meeting will also decide on a proposal to offer T-Mobile Magyarország shareholders who do not wish to retain their stakes in the merged company Ft 425 per each Ft 100-nominal-value share. Magyar Telekom said earlier that T-Mobile would continue to operate as an independent brand and division within the company.