Serbian officials have declined Telekom Austria’s improved EUR1.1 billion (USD1.62 billion) offer for a 51% stake in Telekom Srbija, effectively ending the sale process which began last October. The sweetened offer – up from the original bid of EUR950 million – still failed to meet Belgrade’s EUR1.4 billion target price. Boris Tadic, Serbia’s president, blamed the current market conditions, which he said had failed to produce ‘the necessary offer and means for Serbia’s economic progress’. The ministry of finance working group on the sale quickly concurred, saying the bid failed to meet financial criteria of the tender.
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