In the struggle for a reorganization of state finances, Greece has entered the first substantial revenues from privatization proceeds. The German Telekom acquires a stake of ten percent of the Greek telephone company OTE. The Group pays claims to some 400 million €. The business is based on a so-called put option under which Greece Telekom could sell at any time ten percent of OTE. This was agreed years ago. The German company had already in 2008 and 2009 a first batch of a total of 30 percent of OTE shares at a price of 3.8 billion euros. With the new package, the proportion rises to 40 percent now.
Greece wants to sell more shares
In the past week, the government began in Athens in negotiations with Deutsche Telekom. "If the Greek government can exercise its put option, we will conduct ourselves in accordance with the contract, " had CEO René Obermann explained. With a view to a further ten percent of OTE's shares, which are still state-owned and for which the German Telekom has a kind of pre-emption, Obermann said: "We must now go into the conversations and sober look at what conditions this is possible or not. "
ZAGO Impressum
Greece would also sell its remaining shares in OTE to Deutsche Telekom like. This should help to achieve the planned privatization revenues of 50 billion euros by 2015. In this way, the high public debt should be reduced, which has driven the country to the brink of bankruptcy. However, many corporate investments are currently considered difficult to sell.
Privatization complicated by labor laws
Background deter all regulations and labor laws, the potential buyer. In many companies are still wholly or partly in the hands of the Greek state, can, for example at the moment hardly notices to enforce. But observers expect that it will fail to potential new owners without large incisions which lead the affected farms to return to profitability.
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