Telekom Austria AG — M&A Activity 2002

May 21, 2002

News Details

Ad-hoc | 21 May 2002 16:16

Telekom Austria AG english

Telekom Austria Group: Supervisory Board approves the Reintegration Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Telekom Austria Group: Supervisory Board approves the Reintegration and Merger of the Wireline Companies into Telekom Austria AG Vienna, May 21, 2002: The Supervisory Board of Telekom Austria AG (VSE:TKA; NYSE:TKA) today approved the reintegration and merger of Datakom Austria GmbH, Datakom International Solutions GmbH, Jet2Web Internet Services GmbH and Jet2Web Network Services GmbH into Telekom Austria AG. Within the framework of the new organization of the Telekom Austria Group these Wireline companies will be incorporated into Telekom Austria AG with effect from 31.12.2001 under universal legal succession and without liquidation. This merger supports the implementation of the Wireline strategy of Telekom Austria through the following objectives: – Enhancement of the service quality provided to our customers – More efficient deployment of both internal and external resources – Implementation of a comprehensive market, product and price strategy – Further headcount reduction and flexible deployment of human resources Through this merger Telekom Austria expects a headcount reduction of between 150 to 300 employees mostly in administrative functions by the end of 2003. Within the framework of this merger Telekom Austria acquires the 2.5% stake in Jet2Web Internet Services GesmbH hitherto held by the ORF (the Austrian Broadcasting Company). In return the ORF acquires a minor stake of less than 0.2% in Telekom Austria AG. This transaction further strengthens the current existing broadband cooperation between Telekom Austria and the ORF. Contact: Hans Fruhmann Investor Relations Tel: +43 (0) 59059 1-20917 E-mail: Hans.Fruhmann@telekom.at end of ad-hoc-announcement (c)DGAP 21.05.2002 ——————————————————————————– WKN: 072000; ISIN: AT0000720008; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Düsseldorf, Frankfurt, München, Stuttgart 211616 Mai 02