Deutsche Telekom plans to spend €23.5 billion ($27 billion) on its networks in Germany over the next five years in order to boost its position in the face of stronger competition from rivals.
Deutsche Telekom's new CEO said an increase in the value of its US unit has already compensated for a €7.4 billion ($10 billion) writedown on T-Mobile US undertaken in 2012, and the unit's value has now returned to levels seen before the failed attempt to sell it to AT&T in 2011 for $39 billion.
Rene Obermann will be packing up his office as he clears the way for former Deutsche Telekom CFO Timotheus Hoettges to take control of Europe's third-largest operator by sales on Jan. 1, 2014.
Europe's operators joined forces this week in a combined effort to lambast recent European Union proposals for a major reform of the sector, instead calling for greater freedom to consolidate and less oversight over issues such as pricing and network technology.
Deutsche Telekom surprised the industry by announcing that CEO Rene Obermann will depart the company at the end of 2013. DT's board said CFO Timotheus Hoettges will become deputy CEO next year and take full control starting in January 2014.
Deutsche Telekom said it would consider the acquisition of Bulgarian mobile operator Globul to help Greek operator OTE reduce its debt mountain of €4.9 billion.
While Deutsche Telekom (DT) and AT&T remain resolute in their ambition to push AT&T's proposed $39 billion acquisition T-Mobile USA deal through despite a lawsuit from the US Department of