Bloomberg News

Magyar Telekom Rises Most in Month on Court Win: Budapest Mover

September 17, 2012

Magyar Telekom Nyrt., the Hungarian unit of Deutsche Telekom AG (DTE), rose the most in a month after a Hungarian court annulled the results of a tender awarding mobile frequency to a potential competitor.

The shares rose 2.4 percent 429 forint by the close in Budapest, the biggest rally since Aug. 15. The benchmark BUX index of shares slid 0.8 percent.

The court found “serious procedural law infringements” in the tender for the country’s fourth mobile frequency, which was won by a consortium of state-owned companies, after the three existing mobile service providers, Magyar Telekom and the local units of Vodafone Plc’s and Telenor ASA (TEL), appealed the results.

“Based on existing regulations at the time of the tender, state-owned companies couldn’t have taken part as bidders in the tender,” Gyorgy Mohay, the ruling judge in the case said today when presenting the ruling.

The court’s ruling is binding and can’t be appealed, Mohay said.

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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