OTE shareholder cooperates with government

25 Sep 2007

The Greek government and Marfin Investment Group (MIG), the two largest shareholders in OTE, have agreed to cooperate on commercial and strategic opportunities for the Greek incumbent telco, reports Thomson Financial. The Finance Ministry announced that MIG vice-chairman Andreas Vgenopoulos has assured the Finance Minister, George Alogoskoufis, of his willingness to cooperate on OTE’s future. Greek-based MIG acquired additional OTE shares earlier this month to raise its minority stake from 5.3% to around 10.8%. In June the government completed the placement of a 10.7% stake in OTE to institutional investors, lowering its holding to 28%. Alogoskoufis has previously said that if the government cannot find a strategic investor, it could reduce its stake to around 5%-10%.

Greece, Cosmote