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1/14, 3:54 PM (Source: TeleTrader)
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Germany won't quit Deutsche Telekom - reports

Germany's government turned down the opportunity on Monday to sell its stake in Deutsche Telekom to finance fiberglass expansion in the country, according to German media.

The Handelsblatt newspaper reported that the Parliamentary State Secretary in the Federal Ministry of Transport Steffen Bilger stated that "there are no plans to finance the broadband expansion through the sales proceeds from the government's shareholdings in Deutsche Telekom AG and Deutsche Post AG" in a written response to a request from the Free Democratic Party, which the German newspaper had access to.

Bilger further said that the special 'Digital Infrastructure' fund set up last year would instead finance the expansion of Germany's broadband network. The German government has set aside around €12 billion for the expansion of broadband in the country by 2021, which will ensure that rural areas will have faster Internet access.

Breaking the News / DZ