BUSINESS

No bidders for minority stake in Greece's OTE

TAGS: Privatizations

Greece did not receive any bids for the sale of a minority stake in its biggest telecoms operator OTE and has invited Deutsche Telekom to exercise its right of first refusal to buy the shares, the Greek privatizations agency said on Friday.

OTE, a former national monopoly, is 40 percent owned and managed by Germany’s Deutsche Telekom.

Greece launched a tender to sell a 5 percent stake in OTE last month as part of its international bailout.

The deadline for investors to submit offers for 24.5 million shares was Thursday.

[Reuters]

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