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UPDATE 1-Slovenia can expect two bids for Telekom -source

Fri 10th April, 2015 8:12am
(Adds details, background) 
    By Marja Novak 
    LJUBLJANA, April 10 (Reuters) - Slovenia can expect two 
binding bids for telecommunication operator Telekom Slovenia 
 TLSG.LJ  on Monday, both below market value, a source familiar 
with the process told Reuters. 
    The source, who did not want to be identified, said 
investment fund Cinven and Deutsche Telekom  DTEGn.DE  are 
likely to bid around 110 euros ($117) per share compared to the 
market price which reached 132.6 euros on Thursday. 
    Cinven declined to comment. Deutsche Telekom had no 
immediate comment. 
    The source said the price would be lower than the current 
market price because of the falling profits of Telekom and 
because of the risks from court cases against Telekom for 
allegedly abusing its dominant market position in past years. 
    "Any acquirer of the business would have to take those 
potential liabilities on as a risk and that risk would have to 
be baked into the offer price," the source said. 
    Slovenian daily newspaper Dnevnik reported on Friday that 
Cinven and Deutsche Telekom would offer up to 115 euros per 
Telekom Slovenia share. 
    In February, Telekom reported that its profit fell to 1.6 
million euros in 2014 from 51.1 million a year before, mainly on 
account of higher provisions for litigation risks. 
    According to local media, court cases against Telekom could 
result in damages of up to 440 million euros. 
    Telekom, which is majority state-owned and has market 
capitalisation of 867 million euros, is the largest of 15 
companies that were earmarked for privatisation in 2013. Three 
of those firm have been sold so far. 
    On Thursday, parliament ousted defence minister Janko Veber 
because he ordered the army intelligence service to analyse the 
security consequences of the sale of Telekom.  ID:nL5N0X64EW  
    Veber's centre-left Social Democrats have been against the 
sale of Telekom but are expected to remain in the government in 
spite of Veber's dismissal. 
         
 
 
($1 = 0.9405 euros) 
 
 (Reporting by Marja Novak; editing by Jason Neely and Jane 
Merriman) 
 ((Marja.Novak@thomsonreuters.com; +386-1-505-8805;  Reuters 
Messaging: marja.novak.thomsonreuters.com@reuters.net)) 
 
Keywords: SLOVENIA TELEKOM/
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