Romanian state proposes merger between Romtelecom and Cosmote

Newsroom 22/02/2011 | 18:13

The Ministry of Communications, Valerian Vreme, said the state should sell its stake in Romtelecom after the landline operator is merging with Cosmote, as both companies are owned by OTE.

The Romanian state announced last week that it wanted to sell its stake of 45.99 percent in Romtelecom, the first potential buyer being Greek company OTE, which was supposed to present an offer by the end of last year. The Romanian state wants around EUR 1 billion for the shares or else the shares will be listed on the stock exchange. The OTE officials asked for a three months delay so the offer should be presented in March. Meanwhile, the ministry is taking steps to list Romtelecom at the stock exchange. The Minister of Communications said the officials of the ministry had meetings with representatives of several investment banks such as Citibank, Goldman Sachs and Rothschild, regarding a possible listing on the capital market of the state’s stake in Romtelecom.

Romtelecom should have been listen on the stock exchange twice, in 2008 and 2009,. But none of the terms were observed.

 Otilia Haraga

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