The working group of the Serbian government in charge of the sale of a 51 percent stake in Telekom Srbija has decided to accept the request of Telekom Austria for an additional extension period of 15 days to improve its offer to buy majority stake in the Serbian company, the Serbian Finance Ministry said in a release Tuesday.

The Austrian company was given additional 15 days to supplement the documentation submitted and adjust the financial part of its bid in line with the terms of the tender offer, and the deadline expires on May 3, 2011, the release says.

Serbian Prime Minister Mirko Cvetkovic said earlier Tuesday that Telekom Austria might improve its offer but still keep it under EUR 1.4 billion for a majority stake in Serbia's Telekom, in which case new round of negotiations on the acquisition would be opened.

Prime Minister Cvetkovic also noted that certain indicators show that the Austrian company might submit a new bid for the aquisition of a 51 percent stake of Telekom Srbija.

Telekom Austria's offer will be accepted only if it includes EUR 1,4 billion for a 51 percent stake of Telekom Srbija, Cvetkovic stressed in a press statement.

The Serbian government set the minimum price for a 51 percent stake of Telekom Srbija at EUR 1.4 billion.

Telekom Austria was the sole bidder, offering up to EUR 950 million for a 51 percent stake plus an additional 450 million in investment.