No new announcement on OTE privatisation likely

27 Mar 2007

The Greek government says it is not likely to announce any new developments in its privatisation plan for incumbent fixed line operator OTE until mid-April. A senior finance ministry official told Dow Jones Newswires yesterday that: ‘On OTE there is nothing new to announce just yet, and most likely we won’t have anything to announce until after Easter.’ The state is planning to sell up to a 20% stake in OTE this year, but has repeatedly pushed back the deadline for finding a suitable strategic investor. Its appointed financial advisors – UBS, Credit Suisse and EFG Eurobank Ergasias – were originally due to report at the end of February, which was then extended to the end of March. Telekom Austria is the only potential suitor to have publicly expressed its interest in the stake; the government has signaled that if it failed to find a strategic partner it would sell a slice in the company through a private stock market placement. The government holds a 38.7% stake in OTE. The remainder is distributed between international institutional shareholders (40%), Greek institutional shareholders (12.1%) and other shareholders (9.2%).

Greece, Cosmote