State limits OTE stake sale to 20%

4 Dec 2006

Greek Finance Minister George Alogoskoufis has announced that the government is aiming to sell a 20% stake in the country’s incumbent telco OTE to a strategic investor, but does not intend to relinquish full management control so as to protect national security. The government holds a 38.7% stake in OTE, with the remainder distributed between international institutional shareholders (40%), Greek institutional shareholders (12.1%) and other shareholders (9.2%). In the event of the planned privatisation failing, industry observers say that the flotation of a 10% stake is the likeliest scenario, to leave scope for a future sale attempt. Egypt’s Weather Investments and Telecom Italia have been named amongst the prospective bidders.

Greece, Cosmote