Deutsche Telekom unaware of Sistema approach

2 Nov 2006

The board of German incumbent Deutsche Telekom (DT) has said it had no knowledge of a proposition made by the Russian holding company Sistema to swap its telecom holdings for DT stock. It had been reported in the German financial press that DT’s chief executive Kai-Uwe Ricke had been approached by Sistema with such a proposal and that the matter was subsequently discussed by DT’s board. Sistema, whose holdings include telcos Moscow City Telephone Network and Metrocom, said the report was ‘nonsense’.

Germany, Deutsche Telekom (DT)