Press Releases

Budapest, November 7, 2005 12:30

Today Magyar Telekom's Extraordinary General Meeting approved the intended merger of T-Mobile Hungary Ltd. and Magyar Telekom Ltd. as submitted by the Board.

The General Meeting heard Chairman-CEO Elek Straub's report on the details of the planned merger, then Supervisory Board Chairman Dr. László Pap presented the Supervisory Board's view on the merger. Shareholders then cast their votes on T-Mobile Hungary Ltd.'s intention to merge with Magyar Telekom Ltd. After the merger Magyar Telekom Ltd.'s form of operation will remain unchanged.

According to the General Meeting decision the Board will prepare Magyar Telekom Ltd.'s draft valuation balance sheet and draft valuation inventory as of September 30, 2005 and draft opening valuation balance sheet and draft opening valuation inventory reflecting the status after the merger. The Board will submit these documents to another General Meeting. Additionally the Board will submit to the General Meeting the draft Merger Agreement and a draft of amendments that may be necessary in the Articles of Association of the successor company, and according to the statutory requirements, a draft of settlement with the persons who do not wish to be shareholders of the successor Magyar Telekom Ltd.