Serbia grants Telekom Austria more time

13 Apr 2011

The Serbian government has given Telekom Austria three more weeks to submit a revised bid for a 51% stake in Telekom Srbija. The Austrian telco recently emerged as the sole bidder, offering EUR950 million (USD1.4 billion) in cash and promising EUR450 million in investment over the next three years. However, the state is understood to have been holding out for EUR1.4 billion in cash. Although the deadline for a final bid passed yesterday, the extension – which came at the request of Telekom Austria – means it now has time to ‘submit additional information’. ‘The Austrian company has got the additional 15 days to complete its documentation and adjust the financial part of their offer to conditions set in the tender,’ the Finance Ministry said.

Serbia, A1 Telekom Austria Group, Telekom Srbija (MTS)