Thursday April 17, 2014 Search
Weather | Athens
15o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Deutsche Telekom said to offer to buy Greek OTE stake

By Nikos Chrysoloras and Cornelius Rahn

Deutsche Telekom AG has made an offer to buy the 10 percent stake in Hellenic Telecommunications Organization SA held by the Greek government, according to two people familiar with the matter.

Germanyís biggest phone company owns 40 percent of Hellenic Telecommunications, the carrier also known as OTE. Itís not immediately clear how much Deutsche Telekom offered. The people asked not to be identified because the discussions are private.

OTE shares jumped as much as 5.8 percent in Athens and traded 4.5 percent higher at 10.95 euros as of 1:01 p.m. local time, giving the company a market value of 5.4 billion euros ($7.3 billion). They have risen more than nine-fold from a record low in June 2012 as Chief Executive Officer Michael Tsamaz sold assets to refinance debt and eliminated jobs.

A Deutsche Telekom spokesman declined to comment on any offer for OTE. A representative for Greeceís Asset Development Fund, the finance ministry agency responsible for state-asset privatization, wasnít immediately available for comment.

Deutsche Telekom CEO Timotheus Hoettges, who met with Greek Prime Minister Antonis Samaras in Athens on Thursday, called OTE a "strong cornerstone" in its plan to create an ďintegrated pan-European network."

Deutsche Telekom, based in Bonn, has spent about 4 billion euros accumulating shares in OTE since 2008. In 2011, at a time when the stock was plummeting, the Greek government sold a 10 percent stake via a put option to the German operator for about 400 million euros.

OTE has announced 1.2 billion euros of network investments over four years to help it compete with Vodafone Group Plcís Greek unit and Wind Hellas Telecommunications SA.

Tsamaz was named on Friday to the board of directors at EE, Deutsche Telekomís UK wireless venture with Orange SA. He is set to replace Claudia Nemat in that function as of Feb. 1, the German carrier said.

[Bloomberg]

ekathimerini.com , Friday Jan 31, 2014 (14:20)  
Greek current account deficit widens in February
National Bank of Greece plans senior unsecured bond sale
Yield on first post-default Greek bond falls to issuance level
Greece startup leaders say they canít break jobless cycle alone
Lafazanis denies speculation of rift within SYRIZA party
SYRIZA MP Panayiotis Lafazanis, who leads the man opposition party's so-called Left Platform, on Thursday sought to play down reports of a heated argument with party leader Alexis Tsipras du...
Homemade bomb targets car of deputy Parliament speakerīs wife
A homemade explosive device on Thursday destroyed the car of deputy Parliament Speaker Giorgos Kalantzis's [photo] wife. The vehicle was parked outside the couple's home in Kavala, northern ...
Inside News
SOCCER
Greek soccer turns fishier than ever
Soccer in Greece reached new lows in scenes unseen since the national teamís triumph in Euro 2004, as PAOK and Olympiakos served up a cup semifinal with PAOK emerging as the winner and the s...
BASKETBALL
Greens within a whisker of upsetting CSKA Moscow
Panathinaikos came mighty close to snatching home advantage from CSKA Moscow in Game 1 of the Euroleague play-offs on Wednesday, but eventually succumbed to its host in Russia in overtime, w...
Inside Sports
COMMENTARY
Ukraine is a crisisóbut not a Cold War
Given Russiaís annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
EDITORIAL
Transparency of political party funding
Ensuring transparency in the funding of political parties and the manner in which they choose to spend their funds are crucial to the smooth functioning of our democracy. After all, most of ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Lafazanis denies speculation of rift within SYRIZA party
2. Greek current account deficit widens in February
3. National Bank of Greece plans senior unsecured bond sale
4. Yield on first post-default Greek bond falls to issuance level
5. Homemade bomb targets car of deputy Parliament speakerīs wife
6. Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
more news
Today
This Week
1. Ground-breaking Good Friday mass signals thaw in Cyprus
2. Greece startup leaders say they canít break jobless cycle alone
3. Seven arrested over Toumba violence
4. Mayoral candidates clash over Athens mosque plans
5. Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
6. Homemade bomb targets car of deputy Parliament speaker's wife
Today
This Week
1. Bomb explodes outside Bank of Greece
2. Time to take a hard look at debt sustainability, says OECD chief
3. For faith and country
4. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
5. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
6. Samaras sees no need for third bailout
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.