‘No concrete plans’ for DT stake sale, government says

The German government has played down speculation that it plans to reduce its stake in a number of state-owned companies, including incumbent telecoms operator Deutsche Telekom (DT), after a leak of the proposals was reported by Reuters earlier this week. The news agency writes that Chancellor Angela Merkel’s cabinet had been expected to approve yesterday a document proposing the privatisation of stakes in firms such as DT, Deutsche Post and Deutsche Bahn, but the cabinet delayed approval after Reuters reported its contents, and a spokesman for Finance Minister Wolfgang Schaeuble said changes to the text needed to be made. ‘What I can say overall is that there are no concrete plans for privatisation at Deutsche Telekom, Deutsche Bahn or Deutsche Post,’ a government spokeswoman said after the cabinet meeting. The Federal Republic owns a 14.3% stake in DT, which operates under the brand Telekom Deutschland in its domestic market, while a further 17.4% is held via state-owned development bank KfW Bankengruppe.