The Chairman of the Tallinn Stock Exchange Gert Tiivas has criticised a top official of TeliaSonera (Swe/Fin) telecoms operator, which is currently bidding for a 36% stake in Eesti Telekom shares.

Tiivas said that Kenneth Karlberg, head of TeliaSonera in the Baltic states, had come close to trying to manipulate the markets.

Karlberg had said that if TeliaSonera's bid for shares were to fail, the value of outstanding shares would fall dramatically.

TeliaSonera has offered to buy the shares at 7.11 euros apiece.

The state, with 27%, has already rejected the TeliaSonera offer.

(NewsBase 14.vi.04)