Deutsche Telekom last week placed an offer for the 49% stake it does not already own in Slovakia’s Slovak Telekom, according to a Bloomberg report.
According to Bloomberg, citing unnamed sources, it was Telekom’s move that led the Slovakian government to cancel its proposed IPO of the company last week. In April , the company set an initial IPO price range of between €17.70 and €23.60 per share, valuing the company at between €1.5 billion and €2 billion.
At the time, Deutsche Telekom stated its intention of retaining its existing 51% stake and said it would not sell any of its own shares as part of the offering.
According to Bloomberg’s sources, Deutsche Telekom has placed a bid that is higher than the €750 million that the Slovakian government could have expected to collect from the flotation. The IPO was priced at the lower end of the indicative range, amid concerns about the ownership structure, the company’s dividend policy and expectations of intensification of price competition in the market.
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