Magyar Telekom Advances as Court Delays Ruling on Competitor
Magyar Telekom Nyrt., the Hungarian unit of Deutsche Telekom AG (DTE), rose after a court in Budapest deferred a verdict on whether a state-owned company can start a competing mobile network operator.
The shares rose 1 percent to 426 forint by the close in Budapest. The benchmark BUX stock index gained 0.9 percent to 17,756.87.
A group of state companies won the right in January to start a mobile network competing with Magyar Telekom and units of Vodafone Group Plc (VOD) and Telenor ASA. (TEL) The three existing providers appealed the results and the court yesterday deferred its decision by another two weeks.
“Any generous delay would be a positive factor due to the lack of increasing competition,” Akos Kuti, a Budapest-based analyst at broker Equilor Befektetesi Zrt., wrote in a research report today.
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