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’Snap news
Breaking pre-market news on Monday,
- India’s GTL cancels tower merger plan with Reliance – via Reuters.
- France Telecom’s Polish unit hit with €396m fine — statement.
- Clapham House Group says offer talks still ongoing — statement.
France Telecom to repay state aid
France Telecom, Europe’s third-largest telecoms group, on Monday lost its court appeal against a European Commission order to repay about €1bn ($1.5bn) of state aid to the French government that Brussels had deemed illegal.
Mobile JV puts heat on Vodafone, Telefónica
Vodafone and Telefónica of Spain are under mounting pressure to strengthen their positions in the UK after the publication of plans for a joint venture between France Telecom’s Orange UK and Deutsche Telekom’s T-Mobile UK.
M&A is not even resting
Who said M&A activity was “resting” – if not dead (for now)? Indeed, even a month ago, deal-making worldwide was looking rather like Monty Python’s proverbial dead parrot.
In fact, as FT Alphaville recently noted,
Franco-German JV for UK mobile arms
Deutsche Telekom is close to finalising a deal with France Telecom to form a joint venture out of their UK mobile businesses and seize first place in the competitive UK market. An agreement involving France Telecom’s Orange UK and Deutsche Telekom’s T-Mobile UK could be announced as early as Tuesday.
Deutsche Telekom in UK unit sale talks
Deutsche Telekom has started talks with the UK’s Vodafone, France Telecom, and Telefónica of Spain about selling T-Mobile UK, its flagging mobile phone unit which was valued in early summer at €3bn-€4bn.
CDS report: Strong earnings inspire confidence
This CDS report was written by Markit’s Gavan Nolan
Credit experienced once of its strongest sessions for some time today as the earnings season continued to provide evidence of a recovering corporate sector.
Telefónica eyes T-Mobile UK bid
The prospect of a bidding war for T-Mobile UK loomed on Wednesday night as it emerged that Telefónica of Spain is considering a bid for the UK’s fourth largest mobile phone operator. Telefonica fears competitive threats to O2,
France Telecom jumps on abandoned bid
Shares in France Telecom jumped 7.2% on news Monday that it had abandoned its $40bn cash and share bid for TeliaSonera, leaving its plans to create Europe’s largest telecoms company in tatters. Shares in the Nordic operator sank 10.4% to Skr44.60.
The death of France Telecom’s much-unloved $42bn TeliaSonera bid
France Telecom’s stock price says it all. Shortly after Monday morning’s news that France’s leading telco had abandoned its $42bn bid for TeliaSonera after failing to agree a price with the Nordic group’s main shareholder,
F.Telecom-TeliaSonera deal ‘imminent’
France Telecom’s indicative $41bn cash-and-shares offer for Scandinavian telecoms group TeliaSonera should be settled in the next day or two, possibly with an increase on the cash side, according to French daily Le Figaro,
F Telecom could raise TeliaSonera offer
France Telecom is considering raising its informal takeover offer for TeliaSonera, the Nordic telecoms company, despite earlier insistence it would not increase its $41.3bn cash and stock offer until after TeliaSonera agreed to talks about its June 5 takeover proposal.
TeliaSonera holds out for better offer
TeliaSonera is unwilling to hold talks with France Telecom until the French group has improved its takeover offer for the Nordic company, say people close to the situation. France Telecom is under mounting pressure to sweeten its €41.1bn cash and stock informal offer because TeliaSonera is refusing to countenance talks about the proposal it rejected within hours of it becoming public.
Stockholm faces TeliaSonera rebuke
Sweden’s government is facing accusations that it has mishandled the sale of a controlling stake in TeliaSonera, the telecoms company that is the subject of a $41bn takeover bid by France Telecom. Riksrevisionen,
France Télécom warns on Nordic bid
France Télécom warned it would walk away from its proposed €26.5bn ($41.6bn) takeover of TeliaSonera unless the Nordic operator rapidly signalled its interest in a tie-up. Gervais Pellissier, France Telecom’s finance director,
Frank Telecom feedback
Is France Telecom’s mangled takeover approach for Nordic rival TeliaSonera the worst-received deal in recent times?
From a SocGen equity sales/research flash, wending its way around the City on Friday:
TeliaSonera rejects France Telecom offer
The board of TeliaSonera on Thursday rejected a cash and share offer by France Telecom which would give the Nordic telecoms company an equity value of up to SKr282bn ($47bn). France Telecom earlier confirmed an FT report that it had made an informal takeover offer for TeliaSonera to pay SKr63 in cash for 52% of TeliaSonera’s shares and in stock for the rest.
CDS report: France Telecom spreads up on bid for TeliaSonera
TeliaSonera and France Telecom were the focus of European credit markets on Thursday as the Nordic operator rejected a $47bn bid from its French peer.
The cost of protecting the debt of both companies rose,
France Telecom offers for TeliaSonera
France Telecom has made an informal takeover offer for TeliaSonera, valuing the Nordic telecoms company at up to SEK291.9bn ($48.3bn), said people close to the situation. France’s leading telecoms company is willing to pay SEK60 to SEK65 per Teliasonera share,
F Telecom prepares for Nordic buy
France Telecom has stepped up discreet preparations for a possible takeover of Nordic rival TeliaSonera despite concern about Swedish government reticence at the sale. The former French monopoly has approached banks about a €10bn ($15.5bn) loan facility to finance a purchase of the Swedish-Finnish operator and has also sounded out institutional investors about such a deal.
France Telecom eyes TeliaSonera
France Telecom is in the early stages of examining a takeover of TeliaSonera, the Nordic operator, in a bid to increase its exposure to emerging markets and strengthen mobile internet services. Gervais Pellisier,
Weekend catch-up: Alltel, France Telecom, TMG
Alltel sells $1bn in high-yield debt
Alltel managed to sell $1bn in high-yield debt needed to help fund its private equity LBO in a last-minute deal Friday. TPG and Goldman Sachs Capital Partners acquired the wireless operator in a $27bn deal,
Italian banks woo telecom groups for TI
Italian banks have made fresh approaches to Spain’s Telefónica and France Telecom about their interest in joining a consortium that could buy a controlling stake in Telecom Italia. Intesa Sanpaolo and Mediobanca made the approaches this week following the recent decision by AT&T of the US to end its interest in TI.
Orange CEO to step down
The head of France Telecom’s mobile businesses is stepping down, the Paris-based telecoms group will announce on Thursday. Sanjiv Ahuja has chosen to leave his role as chief executive of Orange, the brand used by France Telecom for its domestic and international mobile businesses,
Five bidders seek slice of Orange Nederland
Orange Nederland, the Dutch unit of France Telecom, has reportedly attracted the attentions of five different parties.
The bidders are led by Deutsche Telecom’s mobile division T-Mobile, according to AFX News,
France Telecom weighs sale of Dutch Orange unit
France Télécom is considering selling the Dutch unit of its Orange mobile-phone operations, reports the Wall Street Journal, citing several people familiar with the situation. The French company has hired Lazard to scout interest in the Dutch operations,