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Greek OTE: A Strategic Deal with DeutscheTelekom

(GREEK NEWS AGENDA)    The Greek government officially announced on Wednesday the sale of 3.0% of its holding in Hellenic Telecommunications Organisation (OTE) to Deutsche Telekom while the management of the company will be shared. The German group agreed to pay €29.75 per share, for a total of  €442.3 million.  Finance Minister George Alogoskoufis said the Greek state and Deutsche Telekom would each control 25% plus one share of OTE, while the German company could raise its holding, and each side would control five seats on OTE’s 10-member board. Alogoskoufis emphasised that a partnership with Europe’s largest telecoms organization would strengthen OTE, both financially and technologically, and therefore the country’s telecommunications sector would benefit. The agreement has faced strong opposition form labour unions and opposition parties. The deal has to be approved by Parliament in order to come into effect. 

Kathimerini daily: OTE sale deal clinched; Athens News Agency: Gov’t OK’s OTE deal with Deutsche Telekom; Secretariat General for Information: About Greece, Telecommunications