Deutsche Telekom finalises increased stake in OTE
07 June 2011 |
Following weeks of speculation, the Greek government has finalised plans to sell a 10% stake in the national incumbent OTE to Deutsche Telekom.
The move will leave the German operator with a 40% (plus one vote) share and the Greek state a 10% (plus one vote) share in OTE.
According to Reuters, Greece has pledged to raise $73.2 billion from privatisations in order to tackle mounting debt, with the pre-arranged OTE sale being the first state asset to be shifted under the programme.
The price of the shares acquired by Deutsche Telekom will be established in line with a Share Purchase Agreement dating back to May 2008 and are thought to be worth around $585.7 million.