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Deutsche Telekom To Buy Additional 10% in OTE

Deutsche Telekom will buy an additional 10 percent stake in Hellenic Telecommunications Organisation as the Greek government ramps up its drive to privatise state assets and reduce its deficit.

The deal will bring DT's stake in OTE up to 40 percent and will bring in around 400 million euros, said Athens News Agency.

In summer, Greece will also open bidding on other public companies including TT, ΤΤ, Water service company ΕΥΑΘ, Piraeus Port Company ΟΛΠ, Thessaloniki Port Company ΟΛΘ, mining company ΛΑΡΚΟ, the state horse-racing company and others.

The government has to sell the companies by the end of the year in order to lower its deficit to 7.5 percent of GDP and get out of its economic crisis.

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