Gov’t remains negative to MIG’s aspirations for OTE

Marfin Investment Group (MIG) said yesterday its recent acquisition of a 10.8 percent stake in OTE telecom is a strategic, long-term investment. “MIG’s position in OTE may be increased or reduced depending on market conditions, stock market conditions and developments in the strategy and results of OTE,” it added in a statement. MIG said also that it wishes to participate in OTE’s management, with the aim of helping to shape the key decisions necessary in view of the rapid developments in the sector, and intends to cooperate fully with the government on this. But separately, Economy Minister Giorgos Alogoskoufis reiterated that the government, now holding a 28 percent stake, is determined to fend off any aggressive buyout moves for OTE and, if need be, to find a strategic partner from Europe.