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Magyar Telekom Falls to 8-Week Low on Competitor: Budapest Mover

Oct. 10 (Bloomberg) -- Magyar Telekom Nyrt., the Hungarian unit of Deutsche Telekom AG, fell to the lowest in almost two months after the government said it supported the entry of the fourth competitor into the telecommunications market.

The shares dropped 1 percent to 413 forint by the end of trade in Budapest, the lowest close since Aug. 14. The benchmark BUX stock index rose 0.4 percent.

The government said it encouraged the opening up of the telecommunications industry even after a court last month voided a tender that awarded a license to a group of state-owned companies. Magyar Telekom and the two other incumbents, the local units of Vodafone Plc and Telenor ASA, had appealed against the bidding result.

The government considers it “unacceptable” that consumers have to pay “very high” prices indicating a lack of competition, according to an e-mailed statement today.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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