Published: September 30, 2009
Nordic telecoms group TeliaSonera is a step closer to taking control of Estonia’s Eesti Telekom after the government agreed to accept its offer to buy out minority shareholders.
In late August the group offered EKr5.1bn (US$472mn) to buy out other shareholders in Eesti, in which it already owns a 60% stake.
On September 22, the Estonian government said it will accept the offer after reaching an agreement with TeliaSonera over a dividend policy for the next three years.
Eesti is calling a shareholder meeting in early October to propose distributing EKr964mn from retained earnings as an additional dividend of EKr6.99 per share, as well as finalising a dividend policy to distribute profits retained between 2009 and 2011.