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Sonera to offload Deutsche Telekom stock

Cash-starved telco desperate to reap millions...
Written by Jon Bernstein, Contributor

Cash-starved telco desperate to reap millions...

Finnish telco Sonera is set to sell its remaining shares in Deutsche Telekom at the first opportunity in a move that could raise up to E1.3bn (£821m) for the cash-strapped company. Sonera received a total of 84 million shares when the German telco bought Voicestream and Powertel, two US telco's Sonera had interests in. The lock-in period for selling shares ends on 1 September and financial analysts expect Sonera to look for a buyer at the earliest possible moment. Earlier this month, Sonera pull the plug on a joint venture to create a 3G network in Norway as it sought to cut costs.
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