Deutsche Telekom was informed by the EU Commission today that it has given approval without any conditions to Deutsche Telekom’s investment in OTE. René Obermann, CEO of Deutsche Telekom, said: "This is very good news. The EU’s green light is a very important milestone on our way to working together as strategic partners. OTE and Deutsche Telekom can combine their expertise to offer their customers innovative products and services."
In May 2008, the Greek government and Deutsche Telekom had signed a shareholders’ agreement on an investment in the Greek telecommunications company OTE. Under the terms of this agreement, Deutsche Telekom will buy 3 percent of OTE shares from the Greek government, increasing its existing stake of 22 percent to 25 percent plus one vote. Together, the two shareholders will hold a majority of 50 percent plus two votes in OTE after the completion of all stages of the transaction. Pursuant to the shareholders’ agreement, Deutsche Telekom will in agreement with the Greek government assume management control of OTE and can fully consolidate the company. Previously the Greek Parliament in Athens, the Greek Inter-Ministerial Privatization Committee and the Supervisory Board of Deutsche Telekom had approved the agreement.
The outstanding decisions of the Greek regulatory authority and the respective South-Eastern-European antitrust authorities are expected in the course of October.