Hellenic Telecommunications Organization (OTE) has decided not to buy the remaining 46% stake in Romanian operator Romtelecom, according to Romanian news agency Mediafax, which cites the country’s Information Technology and Communications Minister.
Valerian Vreme said OTE deemed the moment "inopportune," adding that more details on OTE΄s response will be available later Monday.
Romania wants to sell off its holding in Romtelecom and it had asked OTE to place a buyout offer by the end of May, increasing its stake, currently at 54.01%. The remaining stake, owned by the ministry, is valued at €1 billion.
The company reported revenue of €166.3 million in the first quarter, down 11% on the year. Earnings before interest, taxes, depreciation and amortization fell 63% to €22.2 million.
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