EU clears Deutsche Telekom to raise OTE stake
The European Commission gave the green light today to Deutsche Telekom's plans to take a blocking minority in Greek telecommunications operator OTE.
By Agencies |
BRUSSELS: The European Commission gave the green light today to Deutsche Telekom's plans to take a blocking minority in Greek telecommunications operator OTE.
"The commission concluded that the transaction would not significantly impede effective competition," Europe's top anti-trust watchdog said in a statement.
Under the deal, the Greek government, which has a 28-per cent stake in OTE, is expected to sell a three-per cent share to Deutsche Telekom for USD 611 million.
Deutsche Telekom, which already has a 20 per cent stake in OTE, is also expected to acquire a two per cent interest in the group through the stock market.
"The commission concluded that the transaction would not significantly impede effective competition," Europe's top anti-trust watchdog said in a statement.
Under the deal, the Greek government, which has a 28-per cent stake in OTE, is expected to sell a three-per cent share to Deutsche Telekom for USD 611 million.
Deutsche Telekom, which already has a 20 per cent stake in OTE, is also expected to acquire a two per cent interest in the group through the stock market.
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