BUSINESS

Romania to approve sale of local OTE subsidiary

TAGS: Business

The Romanian government is examining the sale of OTE subsidiary Telekom Romania to French group Orange.

The Romanian landline telephony company, formerly known a Romtelecom, is a 54 percent subsidiary of Greece’s OTE Group, with the Romanian state controlling 46 percent.

On Wednesday a ministerial committee in Bucharest discussed the upcoming sale and sources said it is ready to issue its approval for the transaction, since it is seen as complying with the original terms of the sale of 54 percent to OTE in 2003.

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