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Copyright © TietoEnator 2000 2 nd Nordic IR-Seminar Nordic merger mania - a nightmare for IR? Case: TietoEnator Monday, 29 May 2000 Tuija Soanjärvi
Copyright © TietoEnator 2000 / Nordic IR-Seminar2 Enator strategic acquisitions and organic development Dialog Independent listed company June 1996 199119941995 1996 19921993 ENATOR Dotcom Enator Kommun- Data Dialog Adedata Telub Celsius Information System Celsius
Copyright © TietoEnator 2000 / Nordic IR-Seminar3 Tieto strategic acquisitions and organic development 199319941995199619971998 TIETOTEHDAS OY VTKK Group Tieto Entra Avencer Unic Konts
Copyright © TietoEnator 2000 / Nordic IR-Seminar4 A merger of equals TIETOENATOR ENATOR TIETO Sales (pro forma 1998) EUR 1.081 M SEK 9.556 M FIM 6.425 M > 10.000 employees
Copyright © TietoEnator 2000 / Nordic IR-Seminar5 Summary l Tietoenator will form one of Europes leading providers of high value added professional IT services n Market capitalization EUR 2.875 M l Vertical expertise n Banking & Finance, Telecommunication, Forestry, Public sector l Strong horizontal competence areas n Communications, PA-services, Embedded systems, Outsourcing l Focus growth in Northern and Central Europe l Winning team for employees
Copyright © TietoEnator 2000 / Nordic IR-Seminar6 Media analysis March 3, 4 and partly the fifth
Copyright © TietoEnator 2000 / Nordic IR-Seminar7 Short and informal conclusion - “ A perfect match” Swedish media l Overall a positive media coverage l Good for both parties, synergies to be found. TietoEnator will become one of the largest players l The majority opinion is that Tieto buys Enator, not that it´s a merger between equals l The pooling method is said to be one of the reasons for TietoEnator to end up in Finland. l The shareholders should be happy
Copyright © TietoEnator 2000 / Nordic IR-Seminar8 Short and informal conclusion - “ A perfect match” Specially mentioned in Finnish media l Tieto is acquiring Enator, Enator is disappearing into Tieto´s organization l TietoEnator will be one of the largest players in Europe and ambitious in internationalization
Copyright © TietoEnator 2000 / Nordic IR-Seminar9 Media analysis (con.) Y Market position and competitors - This means that Enator or Tieto will buy other actors in Europe - According to financial performance analysis, the TietoEnator merger strengthens the position of Tieto
Copyright © TietoEnator 2000 / Nordic IR-Seminar10 Media analysis (con.) Y Cultural differences or similarities - Matti Lehti says it will demand some work to merge the companies different corporate cultures. The computer business does not accept management by perkele.
Copyright © TietoEnator 2000 / Nordic IR-Seminar11 Media analysis (con.) Y For the stock market and owners of Tieto and Enator shares - International investors interest for TietoEnator will be boosted due to the fact that new company will be among the 10 largest computer services companies in Europe
Copyright © TietoEnator 2000 / Nordic IR-Seminar12 Tieto + Enator - time schedule PlannedOutcome Decision to commence19/2 Kick-off of the project24/2 Release about negotiations26/2 Release about MOU3/3 Release about merger agreement23/330/3 1Q99 interim reports28/4 Prospectus28/45/5 Competition authorities30/416/6 EGM in Tieto30/412/5 Application period2/5-27/514/5-4/6…15/6…30/6 Merger completed27/57/7 Listing in StockholmJuneJuly
Copyright © TietoEnator 2000 / Nordic IR-Seminar13 What was positive ? : Co-operation between the management of the merging companies : Stora Enso as an example before us
Copyright © TietoEnator 2000 / Nordic IR-Seminar14 What was negative ? Capital markets do not understand the realism Media guiding the discussion in Sweden (“landskamp” between Sweden and Finland)
Copyright © TietoEnator 2000 / Nordic IR-Seminar15 What can be learned ? k organize the projects as soon as possible k make sure that there are enough resources k clarify responsibilities k describe clearly how the process continues (“It is not until from X we work as one company”) k be prepared for leakages k cancel all holidays
Copyright © TietoEnator 2000
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