Saturday May 30, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
DT cautious about OTE stake price and squeeze-out offering

There are two issues apparently concerning Deutsche Telekom regarding the future of the Greek state’s holding in local telecom giant OTE. The first is whether it can avoid submitting a public offering for minority stakes if it acquires the 10-percent stake of OTE to increase its holding to 50 percent, and the second regards the cost of the stake that remains in Greek hands.

There were conflicting reports on Friday about which way the German telecom group intends to go. Bloomberg reported the submission of a proposal for the acquisition of Greece’s 10-percent holding in OTE. The news agency cited anonymous sources from DT and spoke of ongoing talks that are focusing on the price of the shares to change hands.

Reuters, however, cited an e-mail by Deutsche Telekom spokeswoman Elpida Trizi in Bonn that dismissed the reports as “rumors and speculation on which we do not comment.”

It does appear, however, that DT has already contacted the Greek government in order to discuss the acquisition of the state’s remaining stake in OTE. The talks are apparently under way and preceded a visit to Athens on Thursday of the German company’s new head, Timotheus Hoettges, with market professionals saying they began in the summer.

The Greek side seemed at the time to have resisted the temptation to sell its stake – held jointly by the state and Social Security Foundation – as it anticipated better days on the stock market that would raise OTE’s share price and therefore the state’s revenues upon the 10-percent stake’s sale. Now that the stock of OTE has indeed gone up, along with the rest of the bourse, talks appear to have restarted.

Reliable sources say that DT has it eye firmly fixed on acquiring the 10-percent stake, but only as long as it is not forced to submit a public offering for squeezing out the remaining minority stakeholders.

The German side, well-informed sources suggest, insists on the terms of a shareholders’ agreement signed in 2008, which provides for the sale of the Greek state’s shares through a tender in which DT will retain the right of first refusal. All signs point to DT expecting that this specific process will safeguard it legally in case it decides against submitting a public squeeze-out offering.

Greece’s 10-percent stake corresponds to 49 million OTE shares, which based on yesterday’s bourse closing are priced at some 525 million euros. OTE’s stock ended the day with a 2.8 percent rise to 10.74 euros, while in the course of the session it managed to temporarily climb above 11 euros.

ekathimerini.com , Friday Jan 31, 2014 (21:23)  
Greek credit contraction amounted to 2.4 pct in April
Export-oriented firms benefit from euro rate
VAT hike would put several Athens hotels at risk
ATHEX: May ends with a rise of 0.3 pct
Greece, creditors seek breakthrough as clock runs down
Greece and its lenders enter a decisive weekend of negotiations in a bid to agree on a package of cuts and reforms that would unlock another 7.2 billion euros and allow Athens to keep meetin...
Coast Guard officials linked to migrant traffickers
An investigation by the internal affairs department of the Greek Police (ELAS) has linked the leadership of the country’s Coast Guard as well as officers of the police and of the National In...
Inside News
SOCCER
Wemmer pens three-year deal with Panathinaikos
German defender Jens Wemmer has signed a three-year contract for an undisclosed sum with Panathinaikos, the Greek Super League club announced on Friday. Right-back Wemmer, 29, has been playi...
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
Inside Sports
COMMENTARY
Zenobia, Barbara, Christine and the general’s daughter
ATHENS – Lovely Palmyra has fallen to the zombie horde and its people are being slaughtered as the ancient city awaits its fate. It is Friday, May 22, 2015, and from my window I see the end-...
INTERVIEW
The eurozone’s ‘ambiguous’ architecture
“That’s not something you’re supposed to say in public, right?” In his humble way, Thomas Sargent, Nobel Prize winner in Economics, tries to avoid the question posed to him by Kathimerini re...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Wemmer pens three-year deal with Panathinaikos
2. Greek credit contraction amounted to 2.4 pct in April
3. Export-oriented firms benefit from euro rate
4. VAT hike would put several Athens hotels at risk
5. ATHEX: May ends with a rise of 0.3 pct
6. Greece, creditors seek breakthrough as clock runs down
more news
Today
This Week
1. Greece creditors say no deal near as G-7 frustration vented
2. Only Greece can end its miserable 'Groundhog Day'
3. 12 Russians injured in lightning strike at ruins on Crete
4. Next Greek aid program isn’t on table yet, says Moscovici
5. Some blame EU Commission for Greek obstinacy in debt talks
6. The eurozone’s ‘ambiguous’ architecture
Today
This Week
1. Hotel contracts with a ‘Greek default clause’
2. Some 300 mln left banks on Tuesday
3. Neither Grexit nor a dual currency will solve Greece’s problems
4. No more 'quick and dirty' fixes for Greece
5. Romantic notions meet reality
6. Endless confusion and worry
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.