Romania’s Romtelecom, Cosmote Could Merge Ahead Of Listing - Min

"The ministry has proposed OTE (majority holder in both companies) the two companies should merge before Romtelecom is floated in Bucharest," Vreme told MEDIAFAX.

"We're waiting for OTE's response," he added.

Romtelecom owns 30% in Cosmote, the country's third largest mobile telephony operator.

Romania wants to sell off its holding in Romtelecom and it has asked Greek OTE to present a buyout offer by December 31 2010. Per OTE's request, the deadline was subsequently delayed until March 2011.

OTE, Greece's biggest telecom company, owns 54.01% in Romtelecom, while the remainder shares are in the ministry's hands.

"Alternately, the ministry has started procedures to float the shares on the stock exchange, a process which entails selecting a consultant," Vreme said.

"We'll choose the consultant together with OTE," he added.

The ministry values its stake in Romtelecom at EUR1 billion.

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