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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.  Continue reading

Deutsche Telekom Back acquired 20% of Hellenic Telecommunications Organisation (OTE) shares

(GREEK NEWS AGENDA)    On March 17, Deutsche Telekom – Europe’s biggest telephone company – acquired 20% of Hellenic Telecommunications Organisation (OTE) shares from Marfin Investment Group (MIG) for €2.5 billion. The acquisition rendered the German giant the biggest stakeholder in the Hellenic Telecommunications Organisation, after the Greek state, with 28%. Four days later, Minister of Finance Alogoskoufis announced the government’s intention to sell up to 8% of the Greek state’s 28% share to the German buyer in the context of its decision to secure the German provider as a strategic partner. Greece has long sought a strategic investor for OTE, in order to secure a form of shared management without ceding management control, but has not yet settled on the form it may take. Reuters.com: Greece willing to share management of OTE with DT; Secretariat General of Information: About Brand Greece-Telecommunications