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Shareholders approve MTelekom - T-Mobile merger

Shareholders of Magyar Telekom, Hungary's incumbent telco, approved at a meeting on Monday a merger with its wireless services unit T-Mobile, the companies announced on the website of the Budapest Stock Exchange (BÉT). Magyar Telekom's operating structure will remain unchanged following the merger. The meeting mandated the board to prepare a pre- and post-merger balance sheet, based on the companies' books as of September 30. The board will also draw up the necessary changes to the company charter. A draft of settlement will be made for persons who do not wish to be shareholders of the successor Magyar Telekom.