OTE may buy its own shares

24 Apr 2007

Greek incumbent telco OTE may buy up to 10% of its own shares from the country’s government if the state’s offer of a 20% stake fails to attract a strategic investor, reports Reuters. The failure so far to find a partner has been blamed on the government’s refusal to surrender management control and its preference for a Western European buyer. Telekom Austria was the only company to publicly express an interest in the stake, but decided against placing a bid last week. Russia’s Sistema Group was also mooted as a potential buyer.

Greece, Cosmote