Deutsche Telekom (DT) has increased its stake in voting rights in its Greek subsidiary Hellenic Telecommunications Organisation (OTE) to 50.00% via a share buy-back, the German giant disclosed in a press release yesterday. The announcement highlighted that OTE has been a fully consolidated member of the DT group since 2008 as a result of the shareholder agreement concluded at the time with the Greek government, therefore reaching the 50% ownership threshold does not change OTE’s inclusion in DT’s consolidated financial statements.
Before the latest share buy-back, DT and the Greek government owned respective stakes of 48.3% and 5.7% in OTE, plus one voting share each and joint management control, with the remaining shares distributed.
OTE operates fixed and mobile services in Greece via Cosmote and also owns Telekom Romania Mobile Communications. Earlier this month United Group and PPF were reported to remain in the running to acquire Telekom Romania Mobile Communications.