DT tries to sell Globe stake - again

14 Oct 2003

Germany’s debt laden telco Deutsche Telekom has re-launched an effort to offload its 24.8% stake in Filipino wireless operator Globe Telecom. DT has given Globe’s largest shareholders Singapore Telecom and Ayaya Corp 45 days to consider its USD539 million offer. The German giant’s CEO Kai-Uwe Ricke is aggressively pursuing a plan to sell Asian assets and cut costs. In his seven month tenure he has already cut debt by around a fifth, to USD62 billion.