Bloomberg News

Magyar Telekom Drops to Month Low on Acquisition Plan Report

June 17, 2009

Magyar Telekom Nyrt., the former Hungarian phone monopoly owned by Deutsche Telekom AG, dropped to the lowest in more than a month after a report that it’s seeking acquisition targets.

Magyar Telekom fell as much as 12 forint, or 2 percent, to 594 forint, the lowest since May 15 and traded at 599 forint at 9:43 a.m. in Budapest. Magyar Telekom is seeking more acquisitions in the information technology industry, Vilaggazdasag said today, citing Deputy Chief Executive Officer Istvan Papp.

To contact the reporter on this story: Balazs Penz in Budapest at bpenz@bloomberg.net.

To contact the editor responsible for this story: Chris Kirkham at ckirkham@bloomberg.net.


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