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Hungary's Magyar Telekom plans streamlining

Magyar Telekom (MT), a company group of 50 subsidiaries, is planning consolidation, said President-CEO Christopher Mattheisen at a press conference.

T-Com and T-Online will be consolidated into one company starting at the end of June. Further consolidations will be promoted due to an increase in efficiency, and presumably resulting in Ft billions of savings. Magyar Telekom is also planning further expansion in Southern Eastern Europe, but fewer opportunities are available. There is an ongoing investigation against MT's Montenegrin unit, which involves 4 contracts with the sum value of Ft 2 billion. As the investigation has nearly finished, another thread has been taken up in Macedonia. Magyar Telekom spent Ft 4.1 billion ($21.6 million) on this investigation in 2006, and is dedicated to complying with highest ethical and business standards, thus it is obviously conformant to Hungarian and American laws, Mattheisen said. (Gazdasági Rádió)