In March 2010, the government of Serbia announced plans to sell control share pack of TELEKOM SRBIJA (TELECOM SERBIA) and to invest the money in infrastructure to improve traffic flow. This way the government is releasing its majority hold on the Serbia’s most profitable state-owned company. Final date for the international tender was March 21, 2011. In a meantime, several companies shown its interest in this operation (DEUTSCHE TELEKOM, TELEKOM AUSTRIA, AMERICA MOVIL, VIMPELKOM, FRANCE TELECOM, VEDER INVESTMENT), but, the only company that finaly sent its offer is TELEKOM AUSTRIA. Minimum estimated requested value for shares was EUR 1,4 billion. No doubt, TELEKOM AUSTRIA initially offered price of EUR 950 millions for shares and EUR 450 millions for investments that the Government has seen as insulting.
Serbian Government and TELEKOM AUSTRIA have already started negotiations over improvement of offer for purchase of 51% stake of TELEKOM SRBIJA. The contacts between the two sides are being made via the CITIGROUP, advisor in privatization. The condition by Austrian side is positive decision by the Competition Commission over possibility to keep the ‘VIP’ mobile operator, the third mobile communication provider in the Republic of Serbia that was launched in July 2007. Also, there is possibility of merging of TELEKOM SRBIJA and VIP. In that case TELEKOM AUSTRIA is ready to improve the initial offer.
The state owns 80% stake through the postal agency (PTT SRBIJA), while 20% of the company is owned by Greek phone company OTE. 30% of OTE shares belongs to DEUTSCHE TELECOM as it is its subsidary company. The government would like a stable strategic partner able to invest and improve quality of services being eager to secure further development of the company. Also, it is planned to list 15% of the company on the Belgrade stock Exchange (www.belex.rs) with a further 5% going to current and ex employees.
LINKS:
TELEKOM SRBIJA: www.telekom.rs
TELEKOM AUSTRIA: www.telekomaustria.com
VIP MOBILE: www.vipmobile.rs/home.8.html
OTE: www.ote.gr
TICKERS:
TELEKOM AUSTRIA: TKAGY.PK, TKA.VI, TA1DE, TA1F
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