Press Releases

Closing of the offer to acquire remaining shares in Telekom Montenegro

Budapest, May 24, 2005

Magyar Telekom today announced the closing of its public offer to acquire the remaining shares in Telekom Montenegro (TCG).

As a result of the public offer, Magyar Telekom has acquired an additional 3.49% stake in Telekom Montenegro for EUR 3.64 million, increasing its stake to 76.53% by the time of the financial settlement (on May 24, 2005). Hence, the purchase price of the company totals EUR 140.51 million.

TCG's balance sheet has been consolidated in Magyar Telekom's accounts since March 31, 2005, while the company results will be included in the consolidated income statement from the second quarter of 2005.