Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
After a several-weeks' period of intense negotiations, the CEO of Austria's second largest mobile phone provider, T-Mobile Austria, announced on 10 August 2005 the company's acquisition of the country's fourth largest provider, tele.ring. According to the top manager, Georg Pölzl, the purchase price will amount to €1.3 billion. The aim of the planned merger is to use long-term synergy effects of about €300 million and thus improving the market position of the 'new' T-Mobile company with then 3 million customers. Provided that both Brussel's and the national cartel authorities will give their consent, the merger will come into effect in 2006. Mr Pölzl stated that the total workforce of the new corporation of about 2,200 employees will be cut by some 10 or 15%, ie between 200 and 300 workers, by the end of 2006.
Eurofound (2005), tele.ring, T-Mobile Austria, Merger/Acquisition in Austria, factsheet number 62078, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62078.