No sale of OTE assets yet

3 Jun 2010

In an announcement yesterday, Greek finance minister George Papaconstantinou revealed details of the government’s plans for privatising various state-owned companies as part of its attempts to fix the country’s public finances, but stated that there would be no change in the state’s holding in Hellenic Telecommunications Organisation (OTE), reports Dow Jones Newswires. According to TeleGeography’s GlobalComms Database, Germany’s Deutsche Telekom (DT) and the Greek government own respective stakes of 30% and 20% in OTE, plus one voting share each and joint management control, whilst a put option expiring December 2011 entitles the state to sell a 10% stake at a price 15%-20% above market value.

Greece, Cosmote