Greek state places 10.7% of OTE

The Greek government successfully placed a 10.7 percent stake in Greece’s dominant phone operator, OTE Telecom at the top of the price range. The placement referred to the sale of 52.5 mln shares of OTE within the price range of EUR 20.8-21.4 raising a total of EUR 1 bln.

The placement was made through an accelerated book building process to Greek and international qualified investors. The managers were CFSB, UBS, Merill Lynch, Deutsche Bank, Eurobank, NBG, Piraeus and Alpha Bank.

OTE shares were last trading at EUR 21.78 per share. The state currently holds a 38.7 percent stake in OTE, part of which Greece’s conservative government wants to sell as the centerpiece in its EUR 1.7 billion privatization program for 2007 – which has drawn no revenue so far.