Serbia’s government is agonising over the sale of Telekom Srbija, with a final decision on the future of the company reportedly due later today (11 December).

Six companies placed binding offers for the 58 per cent majority stake in the operator in November, which included a joint offer by Slovenia’s Telekom Slovenije and US private equity fund Apollo, as well as a bid from the Abu Dhabi investment authority, according to Reuters.

The biggest offer on the table so far has reportedly been from the US Apollo fund at €1.2 billion, which falls just short of a €1.4 billion government valuation.

Serbia’s prime minister Aleksandar Vucic is set to consult with financial adviser Lazard one more time before making a final decision.

“I’m doing this because opinions are divided among ministers, it’s not easy to take such a decision,” he’s quoted as saying.

Vucic has said in the past the government will not sell the stake unless its valuation is met, and it remains unclear whether ministers are divided about whether to sell at all, or who to sell to.

Telekom Austria, which had a failed bid for the company in 2011, and Deutsche Telekom both emerged as interested parties when the sale process began, but have since pulled out of the running.

Telekom Srbija owns a majority stake in Bosnia’s Telekom Srpske and also controls Montenegro’s M:Tel.

According to GSMA Intelligence, the company has 4.8 million mobile connections, almost half of all overall connections in the country.