Calamos Supports Greece
GreekReporter.comGreek NewsEconomyDeutsche Telekom Said in Talks to Buy Greece ’s OTE Stake

Deutsche Telekom Said in Talks to Buy Greece ’s OTE Stake

Samaras - Deutsche TelekomDeutsche Telekom AG (DTE) has made an offer to buy the 10 percent stake in Hellenic Telecommunications Organization SA (OTE) held by the Greek government, according to two people familiar with the matter.
Germany’s biggest phone company owns 40 percent of Hellenic Telecommunications, the carrier also known as OTE. It’s not immediately clear how much Deutsche Telekom offered. The people asked not to be identified because the discussions are private.
A Deutsche Telekom spokesman declined to comment on any offer for OTE.
Deutsche Telekom CEO Timotheus Hoettges, who met with Greek Prime Minister Antonis Samaras in Athens, Greece, yesterday, called OTE a “strong cornerstone” in its plan to create an “integrated pan-European network.”
Deutsche Telekom, based in Bonn, has spent about 4 billion euros accumulating shares in OTE since 2008. In 2011, at a time when the stock was plummeting, the Greek government sold a 10 percent stake via a put option to the German operator for about 400 million euros.
OTE has announced 1.2 billion euros of network investments over four years to help it compete with Vodafone Group Plc (VOD)’s Greek unit and Wind Hellas Telecommunications SA.
(source: bloomberg)

See all the latest news from Greece and the world at Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!

Related Posts