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Debt-cutting move

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Deutsche Telekom is to flog up to 120m shares in its Internet division, T-Online, in a bid to cut the monster telco's debt mountain.

The sell-off could net the company up to €700m although the exact amount won't be known until after the sale is completed.

Deutsche Telekom's stake in T-Online will fall to 73.5 per cent from 81.7 per cent once the sell-off is completed.

Last month the company reported a net loss of €24.5bn for the nine months to September 30, up from a loss of €1bn during the same period last year.

The company aims to reduce its net debt to between €49.5bn and €52.3bn by the end of 2003. Its debt currently stands at an eye-watering €64bn.

T-Online is one of the leading ISPs in Europe's with almost 12 million punters - 2.5m of whom subscribe to broadband. ®

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