Greek govt invites DT for OTE sale talks

News General Greece 27 MAY 2011
Greek govt invites DT for OTE sale talks
The Greek government approached Deutsche Telekom to discuss the sale of the state's remaining stake in OTE, Dow Jones reports. Finance Minister George Papaconstantinou sent a letter to the board of Deutsche Telekom to begin the procedure, the minister's office said. It added that the move followed "a decision by the cabinet on the further privatization of OTE." The Greek government said it will reduce its 16-percent stake in OTE by next month amid plans to raise EUR 50 billion from state asset sales to reduce the country's huge debt. Deutsche Telekom already controls 30 percent of OTE.

Categories:

General

Companies:

OTE,  Deutsche Telekom

Countries:

Greece

Tags:

Government policy, M&A buyouts & divestments

Related Articles

GREECE 5 JUL 2011

EC investigates OTE sale to Deutsche Telekom

Michel Barnier, the EU commissioner for internal market and services, said that the sale of OTE to Deutsche Telekom in 2008 is under investigation for possible violations of EU law, Tanea.gr reports. The European Commission already sent a warning letter to the Greek government in March 2010, noting that the initial sale of OTE to DT may be in violation of directive 2004/25. The EC is concerned that the sale may have violated provisions on public acquisition offers, especially those relating to the obligator

GREECE 7 JUN 2011

Greece sells 10% in OTE to Deutsche Telekom for EUR 400 mln

Greece has exercised its put option to sell a 10 percent stake in OTE to Deutsche Telekom. The option was agreed in May 2008, when the German operator first acquired a stake in OTE. The sale is part of a number of privatisations planned by the government to help ease its debt refinancing. The exact price Deutsche Telekom will pay depends on OTE's share price from the past 20 trading days, plus a premium of 15 percent. Deutsche Telekom estimates this will be around EUR 400 million. After the sale, DT's share

GREECE 2 JUN 2011

Greece to sell 10% in OTE to Deutsche Telekom - report

Greece will sell 10 percent of its remaining share in OTE by activating an option with Deutsche Telekom, a finance ministry source told AFP. Finance Minister George Papaconstantinou earlier held a meeting on the issue with officials from the German company, which already controls some 30 percent of the Greek operator. The semi-state Athens News Agency reported that DT is obliged to buy a 10 percent stake in OTE at a pre-agreed price under an agreement in 2008. The Greek state currently has a 16 percent stak

Just In

16:05

Mobile services account for 56% of telecoms, TV complaints in Canada

15:56

Visible launches new 5G home internet service

15:50

AT&T confirms return of Small Business Contest for 2026

15:20

Claranet Group posts record net profit of GBP 61.3 million for FY25

Commentary

20 APR 10:36

Netflix back to organic growth and doing just fine

11 FEB 12:29

Odido shareholders face tricky exit after abandoned IPO

2 FEB 13:49

KPN results show little bother from the competition

2 JAN 13:21

Open Dutch Fiber's new management team takes up turnaround challenge

Background

27 APR 14:33

Virgin Media O2: from coax to fibre and 80% coverage in 2028

26 APR 23:04

The week in telecoms: sovereign hopes take hold in Europe and Apple confirms new CEO

19 APR 23:04

The week in telecoms: SFR takover moves ahead, Amazon bags Globalstar and Netgear in favour in US

12 APR 23:28

The week in telecoms: Samsung profits soar, Netflix targets kids and telcos build defence vertical

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.