Deutsche Telekom’s Greek unit OTE said on November 29 it was in talks to sell its 20% stake in Serbia’s former monopoly Telekom Srbija back to the country’s government, IntelliNews reported, quoting Absolut Media Kft.
If the sale goes through, it could help OTE raise cash to cut its debt and invest in new networks as it battles a severe recession in its home market. Gaining full control over Telekom Srbija would also make it easier for Belgrade to push ahead with long-delayed plans to find a new investor in the company.
“OTE … is in talks with Telekom Srbija with the aim of disposing its 20% stake in the company,” OTE said in a filing to the Athens bourse. OTE acquired its Telekom Srbija holding in 1997 but it has not been able to do much with the stake because Serbia balked for years at giving up management control or reducing further its 80% stake in the company. In May, Belgrade rejected a EUR1.1bn offer by Telekom Austria for the purchase of a 51% stake in the company. Serbia had asked potential buyers to pay at least EUR1.4bn.
Source balkans.com
