May 12, 2014 / 10:27 AM / 3 years ago

Germany says no reduction planned for stake in Deutsche Telekom

BERLIN, May 12 (Reuters) - The German government has no plans to reduce its stake in Deutsche Telekom, a spokeswoman for the Finance Ministry said on Monday.

“We are not planning any reduction of our holding in Deutsche Telekom,” the spokeswoman said when asked about a report that Germany’s federal audit office recommended the government reduce its 14.5 direct stake in Deutsche Telekom.

It has a further 17.4 percent stake held by KfW, the state-controlled bank.

Within the hierarchy of federal authorities in Germany the Bundesrechnungshof has the same status as the Office of the Federal President, the Federal Chancellery and the federal government departments.

Last year an independent advisory group had recommended that Germany should consider selling out of both Deutsche Telekom and Deutsche Post DPWGn.DE. (Reporting by Erik Kirschbaum)

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