Greece May Sell All of Hellenic Telecom By End Of Second Quarter This Year

Bloomberg
May 23, 2011

Greece may sell all of its holding in phone operator Hellenic Telecommunications Organization SA by the end of the second quarter this year.

The government is seeking financial advisers to exercise a put option for 10 percent of Hellenic Telecommunications Organization SA and the sale of a further 6 percent, the Athens- based Finance Ministry said today.

Greece owns a 20 percent stake in Hellenic Telecommunications Organization, or OTE, and has the right to sell a 10 percent stake to Deutsche Telekom AG (DTE), which already has a 30 percent holding. In 2007, European Union regulators approved a plan by the Greek government which would transfer a 4 percent stake to the company’s pension fund.

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