Private equity giant Blackstone Group said it has agreed to buy 4.5 percent of Deutsche Telekom for $3.31 billion, becoming a major shareholder in Germany's largest telephone operator. Blackstone was part of a ridiculous rumor that had it teaming up with two telecom companies to launch an audacious $96 billion bid for Vodafone. Blackstone denied that report.

To read more about Blackstone's investment in Deutsche Telekom:
- take a look at this article from The Wall Street Journal (sub. req.)