Published: 11.22 Europe/London, April 13, 2011 by Chris Dziadul

The deadline for Telekom Austria to submit an improved bid for the Serbian incumbent Telekom Srbija has been extended until May 3.

In a statement, the Austrian company says that it has been informed by the Ministry of Finance of the Republic of Serbia that the new deadline has been set “due to ongoing discussions and the need to submit additional information”.

Telekom Austria was the only bidder for a 51% stake in Telekom Srbija in a tender that closed last month.

However, its offer of €800-950 million (it was previously stated at €950 million) was at least €450 million lower than the minimum asking price, though Telekom Austria also promised to invest €450 million in Telekom Srbija over the next three years.