STOCKHOLM, Dec 23 (AFP) - Swedish-Finnish telecommunications operator TeliaSonera said on Thursday that it had increased its holdings in Eesti Telekom to just over 50 percent, thus gaining control of the Estonian operator.
The company said it had raised its stake by purchasing an additional 100 shares in Eesti, at 7.02 euros (9.45 dollars) per share.
"Consolidating Eesti Telekom is an important step in pursuing our strategy to strengthen TeliaSonera as the leading telecom operator in the Nordic and Baltic region," TeliaSonera chief executive Anders Igel said in a statement.
The company said it planned to begin consolidating the Estonian operator starting on December 28, when the formal ownership of the shares acquired on Thursday would be registered.
As for the remaining 49.99-percent stake in Eesti Telekom, TeliaSonera said it would launch a mandatory public offer for the stock, which it planned to purchase at 7.02 euros a share.
The price hinges on approval by the Estonian Financial Supervision Authority, the company said.
12/23/2004 13:44 GMT - AFP