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Slovak gov't halts sale of Slovak Telekom shares in view of new bid

Xinhua, May 7, 2015 Adjust font size:

The Slovak government has decided to halt the sale of the state's 49-percent stake in Slovak Telekom in view of a new bid, Finance Minister Peter Kazimir said after a cabinet session on Thursday.

Kazimir added that overall demand has reached 1.6 times the volume of the shares on offer at 750 million euro (842 million U.S. dollars) set on the stock exchange over the past couple of days.

The minister considered the whole process as successful, and at the same time he revealed that a strategic investor has contacted the government with a binding bid that is more favourable.

"That bid is obviously better," said Kazimir, who refused to provide any further details as regards the identity of the investor. According to Bloomberg it deals with Deutsche Telekom.

Kazimir specified that this led the government to put a halt to the process of selling the stake via stock exchanges and to launch negotiations on the aforementioned bid.

"As we always try to be the best possible managers we've rejected the offer generated on the stock exchange," explained the minister. Endit