16 Oct 2003
Deutsche Telekom has sold its 24.8% stake in Globe Telecom, the Philippines second largest cellco, to co-owners Ayala Corp and Singapore Telecom for USD472 million. Deutsche Telekom made its intention to sell known in August, but a deal failed to materialise because of alleged disagreements over pricing. Since the summer Globe’s share price has risen by 20%, giving the German company some room to manoeuvre. Deutsche Telekom will use the proceeds to reduce debt.