Bloomberg News

Magyar Telekom Set for Six-Week High on EU Query: Budapest Mover

June 21, 2012

Magyar Telekom Nyrt. (MTELEKOM), the Hungarian unit of Deutsche Telekom AG (DTE), headed for the highest close in six weeks after the European Union queried the country’s telecommunications tax.

The shares rose 1.8 percent to 460 forint by 1:24 p.m. in Budapest, the strongest level on a closing basis since May 11. The stock fell to a record low of 413 forint on May 21 after the government placed a levy on telephone calls.

The European Commission has given Hungary two months to provide further information on the tax, commission spokeswoman Emer Traynor told reporters in Brussels today.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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