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’CDS report: Telecoms underperform, but market moves tighter
Markit’s Gavan Nolan wrote this CDS report
On the second day of trading European CDS indices moved tighter, holding on to gains while stocks lost ground later in the day. The Markit iTraxx Europe Series 12 index was at 81.5bp,
TeliaSonera in Baltic buy-outs
TeliaSonera launched a SKr4.9bn ($670m) bid on Monday to take full control of affiliates in Estonia and Lithuania, despite economic turmoil in the Baltic countries. The Nordic telecoms operator aims to take advantage of reduced asset prices and cash-strapped minority shareholders to buy up remaining stakes in Eesti Telekom of Estonia and Lithuania’s TEO.
CDS update: Telecoms hit by eastern European exposure
This CDS report was written by Markit’s Gavan Nolan
European credit indices were resilient today in another session dominated by the eastern part of the continent. The Markit iTraxx Europe index was slightly tighter at around 171bp,
TeliaSonera looks for Asian opportunities
TeliaSonera can remain independent and will pursue Asian acquisitions to generate growth, according to Lars Nyberg, chief executive of the Nordic telecoms company. The CEO gave a bullish outlook for TeliaSonera following its rejection last month of a $41bn takeover bid by France Telecom,
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,
It’s all action in Latvian telecoms: TeliaSonera challenges Blackstone’s bid
An interesting little buy-out battle is getting bigger in Latvia. TeliaSonera, the Nordic telecom company, has challenged Blackstone’s bid for Lattelecom, the Latvian operator after offering on Wednesday to buy the Latvian government out of both of the country’s main telecom groups for about Lt500m ($1bn),
CDS report: Invensys tighter on takeover talk
The upbeat mood in the European credit derivatives markets quickly disappeared on Thursday morning, with indices moving slightly wider from opening levels.
The iTraxx Crossover index of junk-rated credits opened tighter at 195.5 basis points,
CDS report: Telecom Italia in the spotlight
Telecom Italia, the Italian telecommunications group, is in the spotlight in the credit derivatives markets this morning after AT&T and America Movil started negotiations to purchase a stake in TI’s holding company,