Deutsche Telekom Expands Stake

ZAGREB, Croatia, July 5 -- Deutsche Telekom gained a controlling 51 percent stake in Croatia's telecommunications monopoly after it agreed to purchase an additional 16 percent of Hrvatske Telekomunikacije in a deal worth $425 million. "This agreement is a clear sign that the government of Croatia is committed to the privatization process in the country," the Croation government said. The German phone compoany purchased a 35 percent stake in Hrvatske Telekomunikacije last October in a deal worth $850 million.
Croatian Telecom is Croatia's third-largest company, reporting a profit of $52 million on revenue in excess of $800 million in the last fiscal year.