Hungary's central bank sanctions 4iG, MTelekom over collapsed T-Systems deal [Reuters]
DEUTSCHE TELEKOM AG S/ADR (DTEGY)
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Source: Reuters
Hungary's central bank sanctions 4iG, MTelekom over collapsed T-Systems deal BUDAPEST, Jan 23 (Reuters) - Hungary’s central bank has fined information technology firm 4iG over the collapse of a takeover bid last year, and called on telecoms operator Magyar Telekom to explain why it delayed publishing insider information on the deal. Spokesmen for the two companies did not immediately respond to a request for comment. Shares in Magyar Telekom opened 0.5% lower at 458 forints on the Budapest Stock Exchange, in line with the benchmark index. 4iG signed a preliminary deal last July to buy its bigger rival T-Systems, owned by Deutsche Telekom unit Magyar Telekom, as part of a wider expansion drive fuelled by debt. But Magyar Telekom said in December that 4iG had terminated negotiations. Shares in 4iG fell as much as 12.5% the next day due to the unexpected collapse of the deal. The central bank, which is also in charge of financial market regulation, fined 4iG 5 million forints ($16,509) a
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