Germany Sells Telekom Stake

The German government is planning to sell off a further €3 billion ($3.7 billion) worth of shares, largely in the telecommunications giant Deutsche Telekom, a source said on Tuesday. As usual, Berlin would park the shares with the state-owned bank KfW, the government's traditional vehicle for privatization, the source said. KfW (Kreditanstalt für Wiederaufbau) announced on Monday that it was in the process of placing €4.45 billion worth of Deutsche Telekom shares with institutional investors as part of the ongoing privatization of the telecommunications group. (AFP)