Monday December 22, 2014 Search
Weather | Athens
13o C
8o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Deutsche Telekom, Greece close to OTE stake deal: report

By Harry Papachristou

Germany's Deutsche Telekom is close to a deal to increase its controlling 40 percent stake in Greece's OTE by buying a further 10 percent from the debt-laden government, the newspaper To Vima reported.

The two sides are "in advanced talks" and "ready to shake hands," the report said on Saturday, without citing sources.

A Finance Ministry official declined to comment on the report, as did a spokesperson for Deutsche Telekom.

Kathimerini first reported last month that Deutsche Telekom was eyeing the 10 percent stake.

OTE is worth 6.1 billion euros on the Athens Stock Exchange, giving the stake a market value of about 610 million euros. Greece directly owns 6 percent of the stake, and the remaining 4 percent are owned by the state-run pension fund IKA.

When Deutsche Telekom bought its existing stake in 2008, it secured a right of first refusal if the state decided to sell any more shares. The remaining 50 percent are held by smaller private shareholders.

Greece is pursuing a multi-billion euro privatization program under the terms of its international bailout.

Selling the OTE stake has not been part of it so far because the government wanted to maintain a minimum say in the running of the former state monopoly, which is still Greece's biggest telecoms company.

However, privatization revenues have been far below target. Athens has raised a total of 2.6 billion euros in cash from asset sales since a European Union/IMF bailout began in mid-2010, far less than the 22 billion it was supposed to have collected under the bailout's original terms. [Reuters]

ekathimerini.com , Sunday February 16, 2014 (19:31)  
Spanish bond gains push yield to record low as Greek debt rises
Low costs, yield hunt to propel long-term euro zone bond sales in 2015
Greek current account deficit shrinks in October
Energy shares and Greek rebound lift European equities
Bomb hoax at SYRIZA HQ in central Athens
The threat of a bomb being planted at SYRIZAs headquarters in central Athens proved to be a hoax. The partys offices on Koumoundourou Square were evacuated at lunchtime on Monday after a c...
DIMAR not poised to break apart, insists spokesman
Democratic Lefts parliamentary spokesman Nikos Tsoukalis has rejected a report claiming that his party may be on the point of breaking apart. This report is so far from the truth that I do...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
Klaus Regling stresses debt sustainability through commitment to reforms
BRUSSELS The man who is responsible for the loans to Greece as managing director of the European Stability Mechanism (ESM/EFSF), Klaus Regling, is the only high-ranking European official w...
INTERVIEW
Crisis of confidence will come back again and again, says Thomas Piketty
Hes treated like a rock star wherever he goes to lecture. His book Capital in the 21st Century, a study on income and wealth inequality from the 18th century to the present, recently tran...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Bomb hoax at SYRIZA HQ in central Athens
2. DIMAR not poised to break apart, insists spokesman
3. SYRIZA offices in Athens evacuated after bomb threat
4. Spanish bond gains push yield to record low as Greek debt rises
5. Low costs, yield hunt to propel long-term euro zone bond sales in 2015
6. Greek parliament vote in balance after Samaras election offer
more news
Today
This Week
1. Euro shaky on ECB and Greece, dollar keeps edge
2. Government accuses SYRIZA and Independent Greeks of 'clear alliance'
3. Prosecutor gathers depositions in Independent Greeks 'bribe' probe
4. Draghi starts squaring QE circle in month of persuasion for ECB
5. Greek parliament vote in balance after Samaras election offer
6. Parliament's ethics committee to look into independent MPs' comments
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. High stakes
3. Europe's drama in Greece needs final act to avoid tragedy
4. A friendly yet firm message from Pierre Moscovici
5. On the edge but not gutless
6. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.