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Panafon Hellenic Tel (PFHD)


Monday 12 March, 2001

Panafon Hellenic Tel

Merger Update

Panafon Hellenic Telecom Co S.A.
12 March 2001

12 March 2001

   Merger of Panafon and Unifon approved by Greek Competition Authorities.

Following the announcement by Panafon S.A. (Panafon) dated 26 October 2000
regarding the intention to merge with Unifon S.A (Unifon) and Panafon
Emporiki, we would like to inform you that the merger of Panafon and Unifon
was approved by the Greek competition authorities on 8 March 2001 (registered
under reference 180/III/2001).

In conjunction with the merger of Unifon, Panafon will also merge with its
100% owned subsidiary Panafon Emporiki for which no decision from competition
authorities is required.

The merger of Panafon, Panafon Emporiki and Unifon is subject to approval from
the shareholders' general assemblies as well as clearance from legal and
regulatory authorities.


Dimitris Tsorbatzoglou

Panafon Head of Investor Relations  Tel: +301 6160019

[email protected], website


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