Deutsche Telekom top officials visited Athens, while the sale of state’s participation in OTE is considered a matter of time.
Last Tuesday, the administration of the German giant arrived in Athens, a visit that was interpreted as “we are here, but...”
German officials met with the chairman and CEO of OTE, Michalis Tsamaz, who outlined the problems and objectives of the company.
Meetings with Greek government officials were not held officially, however sources note that the government was prepared for this visit. Thus, it is not considered a coincidence that the Minister of Finance, George Papaconstantinou, sent a letter addressed to the management of Deutsche Telekom, just a day after its departure.
It is estimated that the German unit will return very soon in Greece (possibly over the weekend) in order to negotiate the terms and the conditions for the acquisition of at least 16%, which is the total package of state’s participation in OTE. It remains unknown if the social insurance fund IKA will maintain its 4% stake in the company.
DT is not opposed against a further increase to more than 40%, “but it makes no favours”, according to analysts with knowledge on the issue.
The conditions set by the German side are tough: lifting of labour permanency, cuts in salaries, refinance of loan, relations with the regulatory authority etc.
The messages sent by the Germans are clear. Just ten days after DT warned about the future of its investment in OTE, the German group stated its reluctance in enhancing its participation.
The head of DT in SE Europe Roland Mahler said that the acquisition of an additional stake should not be taken for granted.
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