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Magyar Telekom Drops for Fourth Day as State Companies Win Bid

Magyar Telekom Nyrt., Hungary’s former phone monopoly controlled by Deutsche Telekom AG, declined for a fourth day after a state-owned consortium won the right to compete in the mobile market.

The shares fell as much as 2.4 percent and traded 0.9 percent lower at 535 forint by the close in Budapest, paring the monthly advance to 3.1 percent.

Hungary’s media and telecommunications authority today awarded the group formed by postal service Magyar Posta Zrt., power company Magyar Villamos Muvek Zrt. and development bank Magyar Fejlesztesi Bank Zrt. a frequency block allowing the development of a mobile Internet network.

The state consortium will become the country’s fourth mobile service provider besides Magyar Telekom and the units of Vodafone Group Plc and Telenor ASA.

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