DT’s OTE negotiations could last until 7 May

22 Apr 2008

Deutsche Telekom’s (DT) ownership talks with Greece’s incumbent telco OTE and the Greek government could last until a mutually agreed deadline of 7 May, according to local sources quoted by Reporter.gr. A representative committee from DT has met with the Greek Finance Ministry and OTE Chairman Panagis Vourloumis, and further talks are likely this week, according to the same sources. Under a proposed shareholders’ agreement, the government and DT will each take a 25% equity stake in OTE and equal representation on its board of directors, after the state transfers 3% of its own shares in OTE to DT, and the German group purchases a further stake of around 2% on the Athens stock market. DT has already agreed a separate deal to buy a share of just under 20% in OTE from private Greek investment group MIG.

Greece, Cosmote, Deutsche Telekom (DT)