GREECE – Government takes legislative steps to prevent Marfin building stake

Marfin Investment Group will be unable to stage a hostile takeover bid for Greek telecoms group OTE following a new piece of legislation issued by the Greek government which is to limit the stakes foreign investors can hold in strategic businesses. The new framework will prevent foreign businesses owning more than a 20% equity holding. Any shareholding over 20% would be conditional upon approval from the government's privitisation committee.