OTE staff prolong strike in protest at Deutsche Telekom deal

8 Apr 2008

Greek telco OTE’s main workers’ union OME-OTE has decided to hold a second 24-hour strike today (8 April), continuing its industrial action which began yesterday in protest at the government’s plan to sell Deutsche Telekom (DT) equity and partial management control in the former monopoly PTO. DT has already agreed to buy 19.9% of OTE from Greek investment fund MIG and the union fears that handing partial control to the German group will lead to job cuts. Local press reports suggest that the two parties are discussing a deal under which the state would reduce its 28% stake in OTE to 25% by selling 3% to DT, whilst DT would hold an equal share after purchasing approximately 2% additional equity from institutional or private investors.

Greece, Cosmote, Deutsche Telekom (DT)