Nordic operator TeliaSonera has launched cash offers to buy out minority shareholders in its Baltic affiliates Eesti Telekom and TEO LT, reports the Wall Street Journal (WSJ). TeliaSonera will offer 93 Estonian kroons (US$8.52) per share for the 40 percent stake it does not already own in Eesti Telekom in a bid worth 3.33 billion Swedish crowns (US$468.8 million). Meanwhile it will also offer 1.83 litas (US$0.76) per share for the outstanding 40 percent in Lithuanian telecom company TEO LT AB. This offer is worth 1.56 billion Swedish crowns (US$218.9 million).

The WSJ cited Handelsbanken analyst Jan Dworsky, based in Stockholm, as commenting that the offers are logical given TeliaSonera’s stated aim to increase ownership in core businesses. However, he said it is doubtful whether the company will be able to acquire all outstanding shares since the cash offer is relatively cheaply priced, noting that Danske Capital, which owns less than 1 percent in both companies, has said it won’t accept. TeliaSonera’s Estonian operation was the largest mobile operator in the country as of Q2 2009, according to Wireless Intelligence, with a 48 percent market share and 746,000 connections. Its Lithuanian operation is also the country’s largest, with a 43 percent market share and 1.99 million connections.