OTE shareholders approve state sell-off plan

5 Apr 2007

The shareholders of Greek telco Hellenic Telecommunications Organisation (OTE) approved changes to the company’s internal charter at an extraordinary general meeting on Tuesday, following an earlier suspension of the meeting proceedings because of a protest by workers’ unions. Shareholders were being asked to endorse a reduction in the state’s shareholding in OTE and also to approve changes to the company’s personnel rules that would eliminate employees’ civil servant status. The Greek government holds 38.7% of OTE’s shares, but is trying to sell a stake of up to 20%, as part of a EUR1.7 billion privatisation programme. Unions including OME-OTE are against both the changes in the personnel rules and the further privatisation of the company.

Greece, Cosmote