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Business

Telekom, T-Online Set Terms of Share Swap

German telecommunications giant Deutsche Telekom and its Internet arm T-Online said Wednesday they had agreed the terms of the proposed share swap that would see the Internet services provider delisted from the stock exchange and reintegrated into Deutsche Telekom. Deutsche Telekom and T-Online said in a joint statement that T-Online shareholders would be allowed to exchange every share held in T-Online for 0.45-0.55 Deutsche Telekom shares. The telecoms giant wants to acquire the 26 percent it does not own in T-Online, which is listed separately on the stock exchange, and reincorporate it into the wider Deutsche Telekom group as a wholly-owned subsidiary. The swap ratio range "was determined on the basis of the current status of the company valuations as conducted by Deutsche Telekom and T-Online with the assistance of auditors KPMG and Warth and Klein," the statement said. In a public offer which runs to Feb. 4, T-Online shareholders also have the chance to have their shares bought by Deutsche Telekom for €8.99 ($11.70) in cash.

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