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Athens (pte020/12.02.2003/12:15) - Greek telecom equipment producer Intracom has received permission to acquire a 41 per cent stake in the local branch of German industrial group Siemens AG. As reported by Seeurope, the European Commission gave the deal its official approval yesterday.
Intracom http://www.intracom.gr/ plans to purchase a 29 per cent stake directly from Siemens, and another 12 per cent in shares from the National Bank of Greece. Together Intracom and Siemens would then hold 41 per cent each. The Greek National Bank would retain 18 per cent of shares in the form of Siemens Teleindustrie.
According to Siemens http://www.siemens.com Information and Communication Networks, the sale of this sizeable stake to Intracom is part of its strategy to boost production units around the world and offer expanded services in southeast Europe.
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