German Companies Go Bargain Hunting in Greece – WSJ.com

    • Bargain Hunting in Greece

    • Greece is for sale—cheap—and Germany is buying.

    • German companies are hunting for bargains in Greece as the debt-stricken government moves to sell state-owned assets to stabilize the country’s finances.

    • Deutsche Telekom AG on Monday said it would purchase an additional 10% stake in Greece’s Hellenic Telecommunications Organization SA for about €400 million, or roughly $590 million, increasing the German company’s ownership to 40%

    • Fraport AG, which owns and operates Frankfurt Airport, has expressed interest in acquiring Greece’s 55% stake in Athens International Airport. The German company has stakes or management contracts in 12 other airports around the world.

    • Despite an austerity program, Greece has been unable to persuade its creditors that it can avoid bankruptcy.

    • CEZ AS, a power company based in the Czech Republic, in April said it is considering potential acquisitions of Greek electricity-generation assets. The Greek government is looking to sell a 17% in the country’s largest power supplier, Public Power Corp., reducing its stake to 34%.

    • . A spokesman for Hochtief AG said the German construction company has considered some type of sale or initial public offering of its concession business, which owns 40% of Athens International Airport, where passenger traffic fell last year. Hochtief also has stakes in two major toll-road projects in Greece. The spokesman declined to put a value on Hochtief’s exposure in Greece.

    • Deutsche Telekom reported €1.3 billion in fourth-quarter charges, including impairments in Greece and Romania, which contributed to a loss of €582 million. First-quarter revenue in Deutsche Telekom’s Greek operation fell €134 million from a year earlier.

    • "Of course, the climate in the region at the moment is very difficult, but there is huge potential for growth in the future,"

    • Deutsche Telekom "won’t be paying a lot extra for the part they are getting now," he said.

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