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Revised offer of 1.1 billion euros for Telekom Serbia rejected

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A Serbian finance ministry panel rejected on Wednesday a sweetened 1.1 billion euros ($1.6 billion) offer by Telekom Austria (TELA.VI) to buy a majority stake in domestic operator Telekom Srbija, reports Reuters.

Telekom Austria had no immediate comment on the rebuff just hours after it had submitted an improved offer to try to win over Serbian officials who had been holding out for an even better deal.

Belgrade had asked potential buyers to pay at least 1.4 billion euros for a 51 percent stake in the operator which controls 98 percent of Serbia’s landline network and 60 percent of the cell phone market.

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