France Telecom Denies Rumor It Plans Rival Bid for OTE

PARIS -(Dow Jones)- France Telecom, Monday denied it is planning a bid for a stake in Greek operator Hellenic Telecommunications Organization, or OTE.

Earlier Monday, traders had cited rumors that the French incumbent operator, which has expressed a renewed interest in large-scale European M&A, may be planning a bid to undermine Deutsche Telekom's pans for OTE.

"We deny it," said a France Telecom spokesman, referring to the speculation.

The Greek government and Deutsche Telekom are working out a deal under which they would share equal ownership and management control of the Greek company.

At 0956 GMT, France telecom shares were up EUR0.14 at EUR20.00, amid a lower overall market.

-By Jethro Mullen, Dow Jones Newswires; 33 1 4017 1738; jethro.mullen@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 21st April 2008