Forbes: Deutsche Telekom and Greece reach agreement on OTE

The Greek state and Deutsche Telekom reached an agreement on the main aspects to control OTE, internal sources told Thomson Financial News, quoted by Forbes. Both parties will hold a 25% participation plus one share for each at OTE. Deutsche will manage daily business affairs while the state will have sufficient representatives in the managing team. Moreover, Deutsche will have the right to hold some 20% shares of a Greek company.

According to the agreement, Deutsche will take over another 3% from the 28% participation currently held in OTE by the Greek state. Moreover, another 2% will be purchased from the free market so that Deutsche will come to hold 25% plus a share of OTE.

Deutsche Telekom announced on March 17 that it will come an agreement to purchase 20% of OTE for 2.5 billion euro from Marfin Investment Group.

In Romania, Deutsche would take some control wired telephony operator Romtelecom, as well as in mobile operator Cosmote and retailer Germanos, where OTE is a majority shareholder.