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Date: 1999-01-20
Elchbrunft: Telia mit Telenor begattet-.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- Europas hohen Norden nicht halt. Getrieben von wechselweiser Merger/brunft fielen Norwegens Telenor & Schwedens Telia übereinander her, gleichwohl sie sich noch nicht auf einen Namen einigen konnten & beide noch fest in Staates Händen sind. Dem soll mit einem Abstecher zum Börsenstriche abgeholfen werden. post/scrypt: Als Kuppler haben JP Morgan und HSBC Investment mit Fantastilliarden Norweger/ & Schwedenkronen im Hintergrund gewirkt. -.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- Telenor and Telia to be merged into a new company (Oslo/Stockholm, 20.01.99) The Norwegian Minister of Transport and Communications Odd Einar Dørum and the Swedish Minister of Industry Bjørn Rosengren on Wednesday signed a letter of intent to merge Telenor and Telia into a new company. The agreement is based on commercial principles, equality between the two countries and a precondition that the new company will be partially privatized and listed on the stock exchange. The boards of Telenor and Telia support the agreement between the two ministers. ... "Now we will increase our customer focus further. Together we will have the size and experience necessary to further develop our position from a leading role in the Nordic countries into a strong international player," says Mr Arnfinn Hofstad, chairman of the board of Telenor, and Mr Jan Stenberg, chairman of the board of Telia, in a joint statement. ... When merged, the Swedish government will own 60% of the new company, while the Norwegian government will own 40%. The balance between the owners will be preserved by giving the parties equal voting rights, thereby ensuring equal influence. The merger is dependent on the approval of the national assemblies of the two countries and by the EU Commission. According to the agreement between the owners, an IPO (initial public offering) of the new company is to take place as soon as possible. The owners have agreed to sell down to 33.4% each, while 33.2% will be offered for sale to new owners. .... The company's first chairman of the board will be Mr Jan Stenberg. The chairmanship will rotate between the two countries. ... The new company will be one of the leading telecommunications groups in Northern Europe, with annual revenues (based on the last 12 months at 3rd quarter 1998) of c. NOK 75 billion /SEK 79 billion and an operating profit of approx. NOK 12 billion/SEK 13 billion. The company will have approx. 51,000 employees. .... Both companies are already working on measures to reduce the number of employees in the existing operations. The merger could make further reductions necessary. However, new demands for personnel in expanding areas will, in combination with normal staff turnover, greatly ease the transition. .... As a result of the convergence of telecommunications, IT and content distribution, traditional industry dividing lines are being erased. This will bring in a number of new players, not least globally-oriented companies, as new competitors for traditional telecoms. Competitive markets are growing across national borders where national monopolies previously existed. The merger of Telenor and Telia creates a Nordic corporation prepared to face this competition. The new company will be a world leader in areas such as mobile communications, the Internet and satellite communications. Structural changes in the telecommunications market make it natural to pursue various forms of international alliances and partnerships. The purpose of this merger is to ensure access to markets, technology and complementary expertise. An important consideration will also be to reduce the company's own exposure to risk by working with others. The company will choose partners suited to the technology, market conditions and growth ambitions of the individual business areas. Demanding customers New products and services are being developed at a high tempo with the aid of new technology. Internet and mobile technology is leading the development and convergence of the telecommunications, IT, and content industries. The Nordic IT markets are advanced and attractive, with a population that quickly adopts new technology compared with the rest of the world. Sweden and Norway rank at the very top with respect to telephone density, mobile phone density and Internet access and use. .... On this basis the company's ambition is to provide a long- term return that will make the company an attractive investment for its shareholders. A new integrated company All operations of Telenor and Telia will be integrated in the new company, which will be organized into business areas with full profit responsibility for products and markets. The company's international market development centre will be located in Oslo, while the management functions of the business areas will be divided between the two countries. R&D activities will be further developed in both countries. ... HSBC Investment Banking has been Telenor's financial adviser, while JP Morgan has been Telia's financial adviser. -.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- - -.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- edited by Harkank published on: 1999-01-20 comments to [email protected] subscribe Newsletter - -.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- -.-. --.- 
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