Deutsche Telekom to buy back shares for 1.7bn euro

FRANKFURT: Deutsche Telekom said it would return about 1.72 billion euros ($2.35 billion) to shareholders by buying back 206,371 of its own shares.

It said on Thursday it would start buying shares on the stock exchange on Sept. 23 and would finish on Oct. 19.

Shares of Deutsche Telekom were indicated to open 1.6 percent lower at 0620 GMT, while the German blue-chip DAX index was seen down 3.1 percent.

Deutsche Telekom said earlier this year it would return about 5 billion euros of cash to shareholders over two to three years after selling T-Mobile USA to AT&T.

But that sale stalled after the US Justice Department sued to block the $39 billion deal.