Deutsche Telekom May Increase Stake in Greece's OTE, Naftemporiki Reports

Deutsche Telekom AG may increase its stake in Hellenic Telecommunications Organization SA, or OTE, by buying shares on the open market, Naftemporiki reported, citing Hellenic’s Chief Executive Officer Panagis Vourloumis.

Deutshce Telekom would like full control of OTE while the Greek state is unlikely to want to sell any part of its stake to the German phone operator, given OTE’s low share price, the newspaper cited Vourloumis as saying.

OTE does not intend to merge with its mobile phone unit, Cosmote, and is intensifying efforts to cut costs and boost productivity, Naftemporiki said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

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