German incumbent Deutsche Telekom (DT) has no plans to increase its 30% stake in the Hellenic Telecommunications Organization (OTE) by buying shares on the market.
A DT spokesman confirmed to TelecomFinance that the group was not “currently interested in…
German incumbent Deutsche Telekom (DT) has no plans to increase its 30% stake in the Hellenic Telecommunications Organization (OTE) by buying shares on the market.
A DT spokesman confirmed to TelecomFinance that the group was not “currently interested in increasing its stake in OTE by buying shares on the market”, responding to speculation that suggested the opposite.
DT has signed a shareholder agreement with the Greek state, which owns 20% of OTE, which requires permission from the latter to raise its holding further. However, this condition is null if the Greek state reduces its own holding, although there is no indication of further privatisation, a report by the Wall Street Journal explains.
OTE announced plans on 1 February to take a E129.8m charge on 2010 earnings to settle a claim by the Greek government over its pension liabilities. The operator is appealing the claim.
OTE refused to comment, saying it was a matter for DT only.
