Slovenia makes first move toward Telekom privatisation

Slovenian state-owned funds and companies took the first step toward privatising the country's main telecommunications operator Telekom Friday. In a statement, the state-owned investment fund SOD said funds and companies -- which together hold 75 percent of Telekom -- were seeking an adviser to oversee the sale. SOD added that these stakeholders had signed on Thursday an agreement authorising it to coordinate the tender for an adviser and the sale of Telekom, which has a stock market value of more than 720 million euros ($950 million). In June, Slovenia's parliament approved the privatisation of 15 state-owned companies, including Telekom, to raise badly needed funds and avert a dreaded European Union bailout.