ECONOMY

DT interested in upping OTE stake

Deutsche Telekom (DT) is still interested in raising its stake in its Greek unit OTE, a Greek Finance Ministry official said on Tuesday after the government decided to sell part of its holding in the company.

“Deutsche Telekom is always interested [in increasing its stake in OTE],» the official told Reuters.

Last week, Greece confirmed that it will exercise a put option to sell a 10 percent stake in OTE by the end of this year as part of a series of asset sales aimed at raising 50 billion euros by 2015.

The Greek government holds 20 percent of OTE. It has an option to sell half of that to DT by the end of the year, while the German phone company has the right of first refusal for the remainder.

Deutsche Telekom has agreed to pay a 15 percent premium on the average price of OTE shares in the 20 days prior to a sale announcement for the 10 percent stake under the put option.