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Magyar Telekom to hold EGM regarding proposed merger of units

Hungarian telecommunications company Magyar Telekom will hold an Extraordinary General Meeting on June 29 to settle issues related to the proposed merging of company unit T-Kábel Magyarország with Magyar Telekom, the company announced on the website of the Budapest Stock Exchange on Friday.

The merger will also involve Dél-Vonal, which is a 100% subsidiary of T-Kábel.

On May 25 Magyar Telekom announced that its board of directors had proposed merging company unit T-Kábel Magyarország with Magyar Telekom, thus generating annual savings of close to HUF 1 billion (€3.53 million).

Those who are unwilling to remain shareholders in the merged company are entitled for the payment of HUF 344 per share. Magyar Telekom noted that the payment is well below the market price of the stock which closed at HUF 625 on May 28 and traded at HUF 610 by 3pm on Friday. (MTI-ECONEWS)