Goldman Sachs was chosen as sole bookrunner of a €300m ($287m) block trade for Deutsche Telekom, even though the German telecoms firm also has close relationships with Deutsche Bank and Dresdner Kleinwort Wasserstein (DrKW).

Deutsche Telekom disposed of its remaining stake in rival France Télécom through the sale. Goldman placed 20.5 million France Télécom shares on Wednesday night after the market close at €14.5 each, a 3.3% discount to the closing price. The sale shows good timing as on Thursday France Télécom shares fell to an all-time low of €13.65 as investors await the outcome of the French firm's discussions with its banks about a refinancing deal for Mobilcom, its struggling German partner.