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Article: Deutsche Telekom Notes Loss of UKpound 2.2 Billion in 2001.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- March 10, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Ross Tieman, Sunday Business, London Knight Ridder/Tribune Business News
Mar. 10--Ron Sommer, chief executive of Deutsche Telekom, has given 3 million Germans a lesson in popular capitalism they will never forget: sell fast and buy into a mutual fund.
More than five years after its initial public offering, shares in the former state phones monopoly are trading at just under euro18 (UKpound 11.25) -- within a whisker of the price at which they were first sold.
Under Sommer's stewardship, the company's once-rosy prospects have been replaced with a much bleaker outlook: overburdened with euro62.1 billion (UKpound 39 billion) of debt, ...