Eurobench.com

pwijsneus 24 juli 2013 07:03

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www.ft.com/intl/cms/s/0/9a04c0ae-f3a1...

KPN shareholder Slim holds out on Telefónica deal

By Anousha Sakoui and Daniel Thomas

KPN has still to secure the support of its largest single shareholder for a transformational deal that would see the Dutch telecom group sell its German operations to Telefónica for €8.1bn in cash and shares.

Two KPN directors appointed by America Movil (AMX), which is controlled by Mexican billionaire Carlos Slim, did not vote in favour of the deal, according to people close to the situation. However, the backing from the remaining six directors was enough to secure board approval for the deal.

It was not clear whether the two directors abstained or voted against the deal but they did attend the board meeting, one of the people said. KPN has not disclosed how its board directors have voted.

“If they had given their support, we would have seen a statement on that,” said one of the people. “Slim is not on board.”

Others suggested Mr Slim still had reservations about the deal.

Telefónica will become the second-largest mobile operator in Europe with the purchase of KPN’s German operations for €5bn in cash, plus a stake in the combined group worth €3.1bn.

The Spanish group confirmed the terms of the deal on Tuesday, moving a step closer to resolving one of the longest running sagas in the European telecoms market of the past few years. The news was first reported in the Financial Times on Monday.

KPN did not give any details of the discussions with America Movil, its largest single shareholder which holds close to a third of the Dutch group. Several people close to the talks drew parallels with KPN’s launch of a €3bn rights issue in February – a transaction that was also announced without Mr Slim’s support. America Movil waited until the company’s extraordinary general meeting to vote in favour.

However, analysts said that the greater risk to the deal was obtaining regulatory approval. The transaction will create the largest mobile operator in Germany by subscribers, surpassing Vodafone and T-Mobile, with a 38 per cent market share. It will also cut the number of mobile networks in Germany from four to three – a fact that will lead to intense scrutiny from European antitrust regulators.

The deal will test the resolve in Brussels to help improve the struggling telecoms market in Europe by allowing consolidation even in major markets such as Germany.

Those with knowledge of the deal conceded that there would need to be significant concessions, noting that a similar case in Austria last year resulted in stringent agreements to support rival services.
An EGM is likely to be held in October for the shareholder vote, but it may take until next year until regulatory approvals are given, one of the people said.

While the deal has been debated between the two sides for years, the talks intensified following KPN’s rights issue in April, according to Eelco Blok, chief executive of KPN.
He said he was confident of winning approval for the deal given the attractive price being offered and the opportunity to benefit from future synergies in Germany.

People with knowledge of the agreement said the deal being struck reflected, at least in part, the increasingly competitive market conditions in Germany, as shown last week by a sharp decline in revenues at Vodafone – which has already moved to bolster its own business through the acquisition of Kabel Deutschland. One person pointed out that KPN had also lacked valuable spectrum resources to roll out high-powered 4G services.

According to Thomson Reuters and Freeman Consulting, financial advisers could earn up to $75m on the deal.

Bank of America Merrill Lynch and UBS advised Telefónica Deutschland. Citi, HSBC and Morgan Stanley we among the advisers to parent company Telefónica and Goldman Sachs and JPMorgan advised KPN, people familiar with the situation said.

Additional reporting by Adam Thomson

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pwijsneus 24 juli 2013 14:37

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KPN-Telefonica German Merger of Foes Augurs More Dealmaking
By Manuel Baigorri, Adam Ewing & Aaron Kirchfeld - Jul 24, 2013 12:56 PM

Telefonica SA (TEF) and Royal KPN NV’s $10.7 billion German wireless merger, combining two of Europe’s fiercest competitors, sets up the likelihood of more deals in a region where phone stocks have lost about 40 percent since 2007.

Talks between “Teresa” and “Kate,” as the two companies were codenamed during negotiations, have been held on and off for a decade, and they heated up last week, according to people familiar with the matter, asking not to be identified because the deliberations were private. Over the weekend, the discussions were almost called off because KPN demanded a higher price for the E-Plus division, the people said.
Enlarge image KPN-Telefonica German Merger of Foes Presages More Dealmak
Senior Telefonica executives were surprised by the announcement yesterday as the Spanish carrier has for the past year been disposing of assets instead of looking for ways to bulk up its German businesses, people familiar with the matter said. Photographer: Angel Navarrete/Bloomberg
Enlarge image KPN-Telefonica German Merger of Foes Presages More Dealmaking

KPN and Telefonica, which operates under the O2 brand in Germany, said their deal will result in cost savings and additional revenue amounting to 5 billion euros to 5.5 billion euros. Photographer: Ralph Orlowski/Bloomberg

With earnings under pressure, carriers from EE in the U.K. and France’s SFR to Telecom Italia SpA (TIT) and Spain’s Yoigo are considering partnerships or share sales. Vodafone Group Plc (VOD) already snapped up Kabel Deutschland Holding AG (KD8) last month for $10 billion. And now KPN and Telefonica uniting signals the industry is ripe for more combinations, said Espen Furnes, who helps oversee $75 billion at Storebrand Asset Management.

“Carriers are finally coming to grips with reality,” said Oslo-based Furnes. “Finally we’re starting to see some consolidation.”
The German deal adds a dimension to the relationship of Telefonica Chief Executive Officer Cesar Alierta and KPN investor Carlos Slim, who are feisty rivals in Latin America. Although Slim’s America Movil SAB owns almost 30 percent of KPN as its largest shareholder, it’s unclear whether he personally supports the E-Plus sale, two people familiar with the matter said. A spokesman for America Movil declined to comment.
Slim Bid?
The sale also removes a restriction that capped Slim’s stake in KPN at about 30 percent, KPN said today. To buy KPN outright, America Movil would need to cancel a share buyback and obtain $4 billion of debt financing, Sanford C. Bernstein & Co. analysts said in a note. It could also partner with AT&T Inc. (T) for a bid, they said. KPN rose as much as 3.6 percent and added 3.4 percent to 1.91 euros at 12:53 p.m. in Amsterdam.
Ward Snijders, a spokesman for the Hague, Netherlands-based KPN, and Miguel Angel Garzon, a spokesman for Madrid-based Telefonica, declined to comment on how the deal came together.

European mobile carriers’ sales have slid for at least four years as almost everyone already has a mobile phone and rivalry between operators in the small national markets has eaten into call and data prices. The need for capital spending hasn’t eased as users demand faster speeds -- yet aren’t willing to pay more.

German IPO

After Vodafone agreed to buy Kabel Deutschland, Germany’s No. 1 cable provider, in June, KPN and Telefonica resumed talks over a deal because of heightened competition, the people said.

The cash-and-stock agreement for Telefonica Deutschland Holdings AG to acquire E-Plus would create an entity with more than 43 million customers, toppling market leaders Deutsche Telekom AG (DTE), with 37 million, and Vodafone’s 32.4 million, data compiled by Bloomberg showed. The combination remains smaller than Vodafone and T-Mobile by sales, the data showed. The purchase would be the biggest European wireless deal this year.

Senior Telefonica executives were surprised by the announcement yesterday as the Spanish carrier has for the past year been disposing of assets instead of looking for ways to bulk up its German businesses, the people said. Those sales included almost a quarter of Telefonica Deutschland in Europe’s biggest initial public offering last year.

Although Telefonica Deutschland shares were trading close to their IPO price before the deal, they have outperformed KPN’s stock, which had lost almost 30 percent this year before the talks with Telefonica were reported this week.

Shrinking Bills

Standard & Poor’s and Moody’s Investors Service, which effectively blocked Telefonica’s bid to merge its German unit with E-Plus last year over concerns about the Spanish carrier’s debt, support the deal this time, two of the people said.
Morgan Stanley, Citigroup Inc. and HSBC Holdings Plc advised Telefonica, while KPN was assisted by Goldman Sachs Group Inc. and JPMorgan Chase & Co. Telefonica Deutschland was advised by Bank of America Merrill Lynch and UBS AG.

pwijsneus 24 juli 2013 14:37

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Europe’s carriers have suffered from the region’s cultural, political and regulatory divisions, which have left it with dozens of isolated wireless markets, limiting the operators’ growth and spending power. There are more than 100 carriers in Europe, compared with 4 major ones in the U.S.
While carriers such as Telefonica and Vodafone have expanded across borders in a bid to reduce aggregate costs, they too have failed to report sales or earnings growth recently. Wireless phone bills in Europe have declined steadily since 2000, the GSMA industry group said in May.
Slim last tried to acquire a major western European operator in 2007 with an offer for a stake in Telecom Italia, before he was beaten by Telefonica. The two compete in Latin American markets such as Brazil and Mexico.

Scale Needed

As Neelie Kroes, the EU commissioner in charge of the digital agenda, pushes reform in favor of a single European telecommunications market, carriers have become more emboldened to pursue deals. Potential benefits from a merger include shared expenses to build so-called fourth-generation networks to cope with rising demand for video and data services, as well as lower administrative, marketing and development costs.

“Telco consolidation is all about taking out costs,” Furnes said. “There are just too many operators and too much capital spending needed in these markets so the cost synergies are vital to sustain earnings.”

Western Europe’s carriers need to spend about $12 billion on 4G networks alone through 2017, according to Gartner Inc., as consumers increasingly use services such as Netflix on their mobile devices. KPN and Telefonica, which operates under the O2 brand in Germany, said their deal will result in savings and additional revenue of 5 billion euros to 5.5 billion euros.

Borrowing Costs

“As the third and fourth players, O2 and E-Plus didn’t have the scale to adequately compete in a market where ferocious price competition has led to declining revenues and profits,” said Emeka Obiodu, an analyst at researcher Ovum.

Lower borrowing costs have helped to increase consolidation activity, said Daniel Lacalle, a senior portfolio manager at Ecofin Ltd. in London.
The average yield investors demand to hold investment-grade corporate bonds in euros has fallen to 2.09 percent from an eight-month high of 2.38 percent reached June 24, according to Bank of America Merrill Lynch index data.
“The main reason why Telefonica is doing this deal now is because capital markets are more stable while tensions from credit ratings companies have eased,” Lacalle said. “A year ago, the debt market was completely closed.”

SFR, Yoigo

Carriers who have sought buyers or partners span the continent.
Telecom Italia started an in-depth review earlier this year for a wireless merger with Hutchison Whampoa Ltd. (13), only to decide against it. Yoigo, controlled by TeliaSonera AB, and Finland’s DNA Oy both halted their sale processes.

Orange SA and Deutsche Telekom, who have combined their U.K. businesses, are weighing an initial public offering of a minority stake in the joint venture, called EE. AT&T Inc. is sizing up EE as it seeks acquisitions in Europe, people familiar with the company’s plans have said. EE has also received interest from private-equity firms, Orange said.
Vivendi SA (VIV) said last month its French wireless carrier SFR is ready for an IPO. This week, SFR said it is in talks with Bouygues SA (EN) about sharing part of their French mobile-phone networks to cover more ground for less.

Vodafone, meanwhile, said yesterday it would consider an offer for its stake in Verizon Wireless, which partner Verizon Communications Inc. (VZ) has said it’s interested in buying. That deal, valued by analysts at $120 billion or more, would provide Vodafone with a war chest for further acquisitions in Europe.

Regulator Scrutiny

To be sure, hurdles remain for more combinations. Competition authorities want to ensure that no merger results in a carrier becoming too dominant, said Paul Hughes, European competition counsel at law firm Steptoe & Johnson LLP in Brussels. Remedies required by authorities may include spectrum disposals by the merging companies and granting network access to virtual mobile operators, he said.

Still, “clever mergers and acquisitions like these nice examples in Germany appear to be the right solution,” said Peter Braendle, who manages $500 million at Swisscanto Asset Management in Zurich, including KPN and Telefonica Deutschland shares. “Those deals may now trigger further consolidation in the telecommunications industry.”

To contact the editors responsible for this story: Kenneth Wong at kwong11@bloomberg.net; Jacqueline Simmons at jackiem@bloomberg.net

pwijsneus 24 juli 2013 21:25

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Slim holds out for better price on KPN deal

By Anousha Sakoui and Daniel Thomas in London and Adam Thomson in Paris
Mexican billionaire Carlos Slim is not “in principle” opposed to Telefónica’s bid to buy KPN’s German unit, but instead believes the €8.1bn offer is too low.

Mr Slim controls a near 30 per cent stake in Dutch group KPN via America Movil (AMX), his telecoms company. Two KPN directors appointed by AMX did not vote in favour of the deal, which is one of Europe’s biggest mergers and acquisitions deal this year and would create a combined business worth €16bn.

“I believe AMX is not opposed in principle to the deal,” said a person familiar with the situation. “Price is the issue.”
That is despite the fact that the €8.1bn cash-and-shares offer for the E-Plus Mobilfunk unit is widely seen by analysts as being high, despite estimates that the combination could result in cost savings of €5bn.
The Mexican billionaire held talks with Telefónica before theannouncement but wanted a better deal, the people said.

Shares in both companies rose on the news of the offer.
“The market perceives this as a great deal for KPN and not such a great deal for Telefónica. It hardens the line for Telefónica,” said a second person. “He should think twice about killing this.”
The question for Mr Slim’s America Movil is whether to sell at a low point in the cycle for telecoms, or keep holding of his large minority position in KPN and try to build the group up.

The German deal is hugely significant for the telecoms market as it will act as a test case for whether future consolidation will be allowed in a telecoms markets hard hit by the economic downturn but unable to create greater economies of scale in tightly regulated conditions.
There has not been a similarly sized deal put to the Brussels antitrust watchdog for fear of harsh reprisals.

One person close to the deal said KPN was in a weaker position owing to a lack of sufficient 4G spectrum needed for future superfast mobile services in Germany, while Telefónica’s balance sheet was newly strengthened through asset sales. The capital markets were also easier to access now to raise money for the deal, said another person.
The deal would in effect crystallise some of the losses incurred by America Movil in KPN. It would leave KPN with a much reduced scope, even if it will retain a stake in the German unit, given the fact that its domestic Dutch operations are under heavy pressure from telecoms rivals and technology groups and a Belgium business that it has already tried to sell.

“It is a good deal today for the KPN shareholders but not from where Slim bought,” the person added.
The sale would remove the limit on America Movil raising its stake, which has raised questions about whether Mr Slim could exploit the situation to take greater control of the Dutch group. Analysts at Sanford C. Bernstein even speculated about a joint bid with AT&T.
However, others close to the situation dismissed talk of a counterbid from either.

Talks between the two companies, which had been on-and-off for a long time, resumed after KPN completed its rights issue in April, with meetings initially held just between Eelco Blok, chief executive of KPN, and José María Alvarez-Pallete López, chief operating officer for Telefónica.
Code named “Kate” and Teresa”, the two companies decided a deal could now work and brought in their finance directors before recruiting teams to formally structure the deal.

AMX declined to comment.

JvH 26 juli 2013 18:51

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América Movil bekijkt voorwaarden verkoop E-Plus
MEXICO-STAD (AFN/BLOOMBERG) - América Movil gaat de voorwaarden van de voorgenomen verkoop van het Duitse KPN-dochterbedrijf E-Plus aan Telefónica eerst onder de loep nemen en dan pas beslissen of de verkoop wordt gesteund. Dat liet de bestuursvoorzitter van América Movil, Daniel Hajj, vrijdag weten in een toelichting op de kwartaalcijfers van het Mexicaanse telecomconcern.

América Movil bezit ongeveer 30 procent van KPN en heeft twee zetels in de raad van toezicht van het bedrijf. KPN maakte dinsdag bekend dat het E-Plus voor in totaal 8,1 miljard euro wil verkopen aan Telefónica. Daarbij krijgt KPN 5 miljard euro in contanten en een belang van 17,6 procent in Telefónica Deutschland.

,,We zullen de voorwaarden en condities van de transactie evalueren als die worden voorgelegd aan de aandeelhouders. We zullen dan een besluit nemen.'' Volgens Hajj zal worden bekeken hoe de transactie van invloed is op de strategie van América Movil in Europa.

(ANP Redactie AFN/Economie, email economie(at)anp.nl, +31 20 560 6070)
26-07-2013 18:50:06

voda 27 juli 2013 16:41

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Opvallende stijger: KPN

De koers van KPN steeg deze week met 18,7% nadat het telecombedrijf de verkoop had aangekondigd van de Duitse dochter E-Plus aan Telefónica Deutschland.
Na een reeks aan tegenvallers gedurende de afgelopen jaren, wist KPN beleggers deze week dan toch te bekoren. Het telecombedrijf verkoopt E-Plus aan de Duitse dochter van Telefónica. KPN ontvangt 5 miljard euro in contanten en een aandelenbelang van 17,6% in de nieuwe combinatie, die door de overname de grootste mobiele provider van Duitsland wordt, naar aantal klanten gemeten.

Analisten waren over het algemeen te spreken over de prijs. "Deze is duidelijk beter dan verwacht," stelde een analist van Rabobank.

Dividend
Nadat KPN eerder dit jaar zijn dividend schrapte en een claimemissie uitvoerde om de schuld omlaag te brengen, zei het bedrijf met de verkoop de dividenduitkering aan aandeelhouders een jaar eerder dan verwacht weer te kunnen hervatten.

Carlos Slim
Het is echter geen gelopen race. De aandeelhouders van KPN moeten nog hun goedkeuring geven. Tijdens een telefonische toelichting op het besluit wilde KPN-topman Eelco Blok niet ingaan op vragen over de stemming onder de leden van de Raad van Commissarissen. Daarin hebben twee afgevaardigden van América Móvil zitting. Deze Mexicaanse telecomspeler is voor bijna 30% eigenaar van KPN.

Een dag later meldden media dat het bedrijf, dat wordt gecontroleerd door de Mexicaanse miljardair Carlos Slim, de prijs te laag zou vinden.

Mededingingsautoriteiten
Een ander mogelijk struikelblok betreft goedkeuring door de mededingingsautoriteiten. Analisten zijn hier niet gerust op. Het aantal mobiele telefonieproviders in Duitsland zou door de fusie van vier naar drie dalen. Daarmee zou Duitsland volgens analisten van Citigroup van de op één na meest competitieve markt afdalen naar de minst concurrerende markt, op het lijstje van de vijf grootste Europese telecommarkten.

"Al met al kent de markt een kans van iets minder dan vijftig procent toe dat de deal zal slagen", zo concludeerden analisten van Nomura op basis van de koers van het aandeel KPN na bekendmaking van de transactie.

Bron: Alex

pwijsneus 29 juli 2013 09:25

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AMSTERDAM | Mon Jul 29, 2013 2:38am EDT

(Reuters) - Dutch telecom group KPN's (KPN.AS) main shareholder America Movil (AMXL.MX) has ended an agreement to limit its holding to below 30 percent, a sign it may bid for the whole company.

Mexican billionaire Carlos Slim's company, which owns just under 30 percent of KPN, was entitled to end the "standstill" agreement after Telefonica's (TEF.MC) 8.1 billion euro ($10.7 billion) bid for KPN's German mobile arm E-Plus, KPN said on Monday.

America Movil said on Friday it was still deciding whether to back KPN's proposed sale of E-Plus, regarded as its crown jewel. Germany is Europe's biggest mobile market.

The Mexican company, which has lost about 2 billion euros on its KPN investment since last year, declined to comment on Monday beyond KPN's brief statement except to say that it would keep its two seats on KPN's board.

A KPN spokesman said America Movil had not communicated its intentions, such as whether it intended to increase it stake to 30 percent, a level that would trigger a mandatory takeover offer for the whole group.

"They can now increase their stake but I don't see it happening in the short term. I think they'll wait and see how it ends with E-Plus. It's possible that they are interested in the Dutch operations of KPN, and that they want to take it over in the medium term," said Christopher Ho, analyst at AFS Brokers.

Ho said he did not rule out America Movil selling its stake in KPN either but he did not expect that to happen soon. Selling the stake was not a restriction in the now-terminated shareholders' agreement between the two.

The two companies agreed their cooperation deal in February, at the time of KPN's 4 billion euro capital increase, including a rights issue to which America Movil subscribed.

In theory this agreement was indefinite, with a two-month notice period. KPN said on Monday America Movil was entitled to break the deal without notice after the E-Plus offer.(het is dus nog een plaagstootje van America Movil; de overeenkomst was eigenlijk al opgezegt door het bod op E-Plus, dit is in de overeenkomst vastgelegd dat bij een bod op KPN of diens dochtermaatschappijen, de overeenkomst automatisch wordt beindigd.)

pwijsneus 29 juli 2013 15:20

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Met dank aan google translate:

O2 boss expects approval for E-Plus takeover

The planned major merger between O2 and E-Plus threatens resistance by the German Federal Cartel Office.
E-Plus center | Photo: Martin Whips

Frankfurt / Main - Despite the concerns of the Bundeskartellamt O2 CEO René Schuster sees the planned merger with its competitor E-Plus is not in danger.

"We are confident that the authorities agree, because a third strong player promotes competition in Germany in terms of customers," Schuster told the "Bild" newspaper. The mobile phone tariffs would not increase after the billion-dollar takeover.

With the merger threatens resistance by the German Federal Cartel Office. "The reduction from four to three providers of competition law is anything but a self-perpetuating, especially since E-Plus in the past was particularly active when price competition," Bundeskartellamt, Andreas Mundt, President said last week, told the news agency dpa. "Of course, we also see the large amount of investment in the industry and the resulting pressure to consolidate Here is a very careful consideration.." German Economics Minister Philipp Rösler (FDP) called: "Price competition must remain, there should be no costs spiral upwards." the Dutch parent company KPN announced the 8.1 billion euros heavy selling of E-Plus to Telefónica Germany last week. interview with "image"

*******************************************************************

De EU geeft zelf aan dat als het in het voordeel is van de Europese consument, ze consolidatie toelaten. Als er dus aangetoont kan worden dat consumentprijzen hetzelfde blijven, is er zeker een goede kans dat deze deal doorgaat. Los van de ontwikkelingen vandaag.

Dit is dus een bedreiging voor Slim.

voda 29 juli 2013 16:09

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2e UPDATE: America Movil beeindigt pact met KPN, kan belang vergroten

(2e update van eerder gepubliceerd bericht 'America Movil beeindigt samenwerkingsovereenkomst KPN' om meer informatie, reactie analisten en actuele koers toe te voegen)

AMSTERDAM (Dow Jones)--Koninklijke KPN nv (KPN.AE) meldt maandag dat grootaandeelhouder America Movil (AMX) de eerder dit jaar gesloten samenwerkingsovereenkomst met onmiddellijke ingang heeft beeindigd.

Als gevolg hiervan is ook de standstill overeenkomst beeindigd, wat betekent dat het Mexicaanse telecomconcern van miljardair Carlos Slim zijn belang nu mag uitbreiden naar 30% of meer. Als het belang toeneemt tot meer dan 30% is America Movil, dat momenteel een belang in KPN bezit van circa 28%, verplicht een openbaar bod te doen op alle aandelen.

Een reden voor de stap van America Movil wordt niet gegeven, maar analisten gaan er vanuit dat het samenhangt met de vorige week aangekondigde voorgenomen verkoop van KPN's Duitse dochter E-Plus aan Telefonica, een belangrijke concurrent van America Movil.

Een voorwaarde uit de samenwerkingsovereenkomst was dat de standstill met onmiddellijke ingang kon worden beeindigd door AMX bij een bod op een materiele dochtermaatschappij van KPN, zoals E-Plus.

De directie van KPN weigerde vorige week commentaar te geven over het standpunt van de grootaandeelhouder. Chief executive Eelco Blok zei dat de Raad van Commissarissen (RvC) van KPN, waarin twee commissarissen van America Movil zitten, de verkoop steunt. Op het besluitvormingsproces binnen de RvC en of de steun unaniem was, wilde hij echter niet in gaan.

Een woordvoerder van KPN kan niet ingaan op de beweegredenen van America Movil of diens verdere plannen. Hij geeft aan daar op dit moment geen inzicht in te hebben.

Volgens analist Javier Borrachero van Kepler Cheuvreux is het beeindigen van de samenwerkingsovereenkomsteen het gevolg van de voorgenomen verkoop van E-Plus aan Telefonica. Het laat zien dat de Mexicanen het niet eens zijn met de voorwaarden van de deal, zo zegt hij.

Vorige week zei chief executive Daniel Hajj van het Mexicaanse telecomconcern dat zijn bedrijf nog steeds bekijkt of het de verkoop van E-Plus zal steunen. "We zullen de bepalingen en voorwaarden van de transactie evalueren", zei de CEO tijdens een toelichting op de kwartaalresultaten. "Als ze aan de aandeelhouders gepresenteerd worden, zullen we op dat moment een beslissing nemen", aldus de topman vorige week.

Het beeindigen van de samenwerkingsovereenkomst, in combinatie met geruchten dat de Mexicanen de verkoopprijs van E-Plus te laag vinden, kan de kans vergroten dat America Movil een bod voorbereidt op KPN, zegt ING-analist Emmaniel Carlier.

Volgens Jos Versteeg van Theodoor Gilissen Bankiers hoeft het opzeggen van het pact echter niet per se te betekenen dat AMX direct zal proberen het Nederlandse bedrijf volledig in te lijven. Op termijn zal het concern van miljardair Carlos Slim KPN zeker willen overnemen, maar eerst zal het waarschijnlijk zijn balans verder op orde willen hebben, vermoedt de analist.

Versteeg spreekt van een plaagstoot van America Movil, dat voor de tweede keer onaangenaam werd verrast door een stap van KPN. De eerste keer was bij de grote claimemissie eerder dit jaar. Versteeg sluit uit dat America Movil zijn belang in KPN zal afstoten, maar Borrachero van Kepler Cheuvreux ziet dit wel als een mogelijk scenario.

De twee door AMX aangewezen leden van de Raad van Commissarissen van KPN blijven zitten zolang AMX 20% of meer van het totale aandelenkapitaal van KPN houdt. Tenminste e e n persoon blijft commissaris zolang AMX 10% of meer houdt.

Op de beurs gaat KPN omhoog. Omstreeks 11.45 uur is het aandeel met een winst van 3,9% de sterkste stijger onder de hoofdfondsen. De AEX staat op dat moment 0,2% hoger.

Door Ben Zwirs; Dow Jones Newswires; +31 20 571 52 00; ben.zwirs@dowjones.com

voda 29 juli 2013 16:10

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Meerdere scenario's mogelijk bij KPN - Kepler

AMSTERDAM (Dow Jones)--Het beeindigen van de samenwerkingsovereenkomst tussen America Movil (AMX) en KPN (KPN.AE) is een gevolg van de voorgenomen verkoop van E-Plus aan Telefonica en laat zien dat de Mexicanen het niet eens zijn met de voorwaarden van de deal, zegt een analist van Kepler. Hij schetst drie mogelijke scenario's: AMX doet een bod op KPN en blaast de verkoop van E-Plus af; AMX houdt het bij zijn huidige belang en de verkoop van E-Plus gaat door; en AMX verkoopt zijn belang in KPN. Kepler denkt niet dat America Movil momenteel de financiele ruimte heeft om KPN over te nemen, maar kan wellicht steun krijgen van AT&T. Met een dergelijke deal zou de Nederlandse overheid echter niet blij zijn, stelt de analist. Aandeelhouders zouden in dit scenario profiteren van een overnamepremie. Zonder een volledig overnamebod bestaat het risico dat AMX de verkoop van E-Plus kan blokkeren. Omdat slechts een simpele meerderheid van de stemmen nodig is, lijkt dit scenario relatief onwaarschijnlijk. Er is echter enig risico indien de opkomst bij de bava laag is, stelt Kepler. Als AMX besluit zijn aandelen KPN te verkopen zal dat een overhang creeren die de koers tijdelijk onder druk zal zetten, zegt de analist verder. Kepler heeft voor KPN een reduce-advies met een koersdoel van EUR1,50. Maandag omstreeks 10.10 uur noteert het aandeel 5,4% hoger op EUR2,00, terwijl de AEX vlak staat. (BTZ)

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 31 juli 2013 16:06

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KPN's E-Plus-deal maakt 60% kans - Kepler Cheuvreux

AMSTERDAM (Dow Jones)--Kepler Cheuvreux verhoogt het advies voor KPN (KPN.AE) naar hold van reduce. De analisten zien een opwaarts potentieel van 16-23% als de verkoop van de Duitse KPN-dochter E-plus aan Telefonica doorgaat. De kans daarop schatten zij op 60%. Hoewel grootaandeelhouder America Movil niet blij zal zijn met de transactie, is de kans dat America Movil de transactie blokkeert volgens de analisten niet meer dan 5%. Zij achten het onwaarschijnlijk dat America Movil heel KPN zou overnemen omdat dit waarde zou vernietigen. De kans dat toezichthouders de transactie niet goedkeuren wordt op 20% geraamd. Het koersdoel wordt verhoogd naar EUR2,15 van EUR1,50. KPN noteert woensdag rond 10.55 uur 0,5% hoger op EUR2,00. De AEX stijgt 0,1%. (AVR)

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

JvH 1 augustus 2013 08:42

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ADVIES KPN OMHOOG NAAR BUY VAN NEUTRAL BIJ UBS

(ANP Redactie AFN/Economie, email economie(at)anp.nl, +31 20 560 6070)
01-08-2013 08:41:05

voda 5 augustus 2013 17:20

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Telefonica en E-Plus zouden frequenties kunnen verliezen bij fusie

FRANKFURT (Dow Jones)--Telefonica Deutschland ag (O2D.XE), die onder de naam O2 opereert in Duitsland, en Koninklijke KPN nv (KPN.AE) dochter E-Plus zouden al aangeschafte frequenties kunnen verliezen op het moment dat zij fuseren, vanwege mededingingszorgen, blijkt maandag uit een brief van de federale telecommunicatie autoriteit die door de Duitse tak van The Wall Street Journal is ingezien.

Zowel Telefonica als E-Plus bevestigen dat zij de brief hebben ontvangen, maar gaven verder geen commentaar.

Vorig jaar december kwam de Europese Commissie met hele strikte voorwaarden toen zij de overname van de mobiele tak van Orange door Hutchison 3G goedkeurden. Daartoe behoorde de verplichte verkoop van frequenties.

De Duitse telecommunicatie autoriteit zal bij de keuze tevens de mening van concurrenten Deutsche Telekom ag (DTE.XE) en Vodafone plc (VOD.LN) meenemen.

Een woordvoerder van Vodafone zei maandag dat een fusie tussen Telefonica en E-Plus de concurrentie zou verstoren vanwege de omvang van het spectrum van frequenties boven de 1.000 megahertz dat de combinatie O2-E-Plus in bezit zou krijgen. Verder commentaar wilde de woordvoerder echter niet geven. Een woordvoerder van Deutsche Telekom beaamde deze uitspraken.

Hoe meer megahertz, des te zwakker het signaal, wat betekent dat je meer basisstations nodig hebt. Bij hogere frequenties kan er echter ook data verstuurd worden op een hogere snelheid, dus zijn ze zeer handig bij het opzetten van snelle LTE-netwerken in stedelijke gebieden.

- Door Archibald Preuschat, vertaald en bewerkt door Elco van Groningen; Dow Jones Nieuwsdienst; +31-20-5715200; elco.vangroningen@wsj.com

pwijsneus 7 augustus 2013 00:56

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Concessions Seen for Telefonica-KPN German Merger to Win EU Nod
By Manuel Baigorri, Stephanie Bodoni & Adam Ewing - Aug 7, 2013 12:00 AM

Telefonica SA (TEF) and Royal KPN NV (KPN)’s bid to combine their German assets has become an acid test for a telecommunications industry anxious over whether regulators will allow deals carriers say they need to spur growth.

Already Germany’s phone regulator has given Telefonica’s O2 and KPN’s E-Plus units two weeks to turn over details of wireless frequencies so it can determine they’d be “efficiently used,” and that the merger won’t hamper competition, according to a July 25 letter from the Bonn-based agency.

The letter raised the prospect of a surrender of some airwaves, which could water down the benefits of the 8.1 billion-euro ($10.8 billion) transaction and by extension inhibit other carriers from attempting similar consolidation moves, which regulators have said are key to rationalizing the 28-nation European Union market. Approval of the deal will probably come with conditions such as asset disposals, according to competition lawyer Paul Hughes.

“You’re looking at a reduction in the big players from four to three,” said Hughes, European competition counsel at Steptoe & Johnson LLP in Brussels. “No doubt, there will be remedies required in the form of making available access to wholesale network for virtual mobile telephony companies, for making spectrum available to other players.”
The EU telecommunications market is inundated with carriers spread over 28 countries. That creates a sevenfold difference in the price of a domestic mobile call between the priciest and cheapest markets across a region less than half the size of the U.S., according to a statement yesterday from Neelie Kroes, who is in charge of the digital agenda for the European Commission, the EU’s executive arm in Brussels.

Single Market

“It is critical for the whole EU to move quickly to build a real single market,” Kroes said.

The combination of O2 and E-Plus, two of Europe’s fiercest competitors, sets up the likelihood of more deals in a region where phone companies struggle to keep up profitability and need to boost investments in faster services. With earnings under pressure, carriers from EE in the U.K. and Vivendi SA’s SFR in France to Telecom Italia SpA and Spain’s Yoigo are considering partnerships or share sales.
Combining forces in markets like Germany, Europe’s largest economy, will help competition, not thwart it, Telefonica Chief Operating Officer Jose Maria Alvarez-Pallete said last month.

‘Play Scale’

“There are too many players in Europe that if Europe as a whole, as a region, wants to play scale, it needs to consolidate,” he said on a July 25 conference call. “The consolidation of the third and fourth should create an infrastructure-based player that is going to accelerate competition” in Germany with market leaders Deutsche Telekom AG and Vodafone Group Plc.

Telefonica Deutschland spokesman Albert Fetsch and Stefan Simons, a spokesman at KPN, declined to comment on the reviews. Alvarez-Pallete said on the call he expects it will be approved.
EU Competition Commissioner Joaquin Almunia has indicated that he sees consolidation in the industry could be helpful, saying earlier this year the fragmentation “preoccupies” him.

“Our merger control in this sector therefore becomes especially important,” said Almunia in a speech in February. “We have to ensure that the market structures that result from the mergers we control remain competitive.”

‘Diligent Review’

The day before the German regulator’s letter, Andreas Mundt, head of the Federal Cartel Office, said to German newswire DPA that antitrust approval was “anything but a shoo-in” and requires “a diligent review.” Kay Weidner, a spokesman for the cartel office, declined to comment on the proposed merger, referring to Mundt’s remarks to DPA.

It remains to be seen how that will translate into the EU review of the merger. Madrid-based Telefonica and KPN, based in the Hague, Netherlands, haven’t notified the regulator of the deal and there is no rule on how soon they must put in their application. Once they do, it triggers a 25 working-day countdown for the commission to approve it or start an in-depth review, known as phase two, that lasts about 90 working days. Companies with significant deals often propose their own fixes to the competition concerns they foresee in a bid to head off a deeper look.
Hutchison Whampoa Ltd.’s 1.3 billion-euro takeover of wireless carrier Orange Austria last year faced intense scrutiny. Hutchison, owned by Hong Kong billionaire Li Ka-shing, received EU antitrust approval after agreeing to divest radio spectrum and offer network access to new rivals. Li, which agreed in June to take over Telefonica’s Irish assets, also needs regulatory approval for that deal.

Inevitable Tension

“Phase two isn’t a death knell anymore,” said Peter Alexiadis, an EU competition lawyer in Brussels with Gibson, Dunn & Crutcher LLP. O2’s tie-up with E-Plus has “phase two written all over it only because of the enormity of the market and the level of consolidation.”

Almunia has blocked four deals since taking the post in 2010, including the 5.16 billion-euro bid by United Parcel Service Inc. for TNT Express NV. Vodafone withdrew its attempt to merge with a rival in Greece last year in the face of commission opposition to creating a market with two operators.

Part of the challenge is that EU merger rules look at markets on a country by country basis given the lack of an EU-wide market for mobile telephony, Steptoe & Johnson’s Hughes said.

“There will inevitably be tension between industry and the competition regulator in Brussels,” he said. “The merger regulation evaluates them on a national basis at a time when they’re being told to become pan-European.”

‘Biggest Risk’

Chantal Hughes, a spokeswoman for the European Commission, declined to comment on how the deal might fare before the competition authorities.
“If regulators allow the E-Plus deal, it will send a clear message that similar M&A deals can happen and will be a huge positive for the much-needed telco consolidation in Europe,” said Espen Furnes, who helps oversee $75 billion at Storebrand Asset Management.

“Regulators are now the biggest risk to the E-Plus deal,” Furnes said, adding that it will probably be approved at the end. “We’re likely to see more inner-market deals in the larger mobile markets if this one goes through.”

To contact the reporters on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net; Stephanie Bodoni in Luxembourg at sbodoni@bloomberg.net; Adam Ewing in Stockholm at aewing5@bloomberg.net

voda 7 augustus 2013 17:12

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'Bellen met mobieltje is 't duurst in Nederland'

Mobiel bellen is nergens zo duur als in Nederland. Volgens Eurocommissaris Neelie Kroes (digitale agenda) is Nederland met 14,7 eurocent per minuut maar liefst 774 procent duurder dan goedkooptekampioen Litouwen (1,9 eurocent). Gemiddeld betaalt een Europeaan 9,1 eurocent.

KPN wijst de cijfers van Kroes van de hand. Ze zijn gedateerd en niet gebaseerd op het belgedrag van de doorsnee Nederlander, aldus KPN in het Algemeen Dagblad. Het bedrijf komt in een recenter OESO-onderzoek als vierde goedkoopste ter wereld naar voren, maar in dat onderzoek werden slechts twaalf landen meegenomen.

Inmiddels zijn er volgens KPN ook nog twee tariefverlagingen doorgevoerd. De Autoriteit Consument & Markt viel KPN gisteren bij. Veel aanbieders in Nederland laten abonnementen vergezeld gaan van 'gratis' smartphones. De kosten daarvan worden via het abonnement verrekend.

Kroes zegt dat de enorme prijsverschillen niet te verklaren zijn door verschillen in kwaliteit, kosten van dienstverlening of koopkracht van de consument. Een liter melk kost overal in Europa tussen 69 en 99 eurocent, een prijsverschil van 43 procent. Voor iPads is het prijsverschil hoogstens 11 procent.

www.ad.nl/ad/nl/5595/Digitaal/article...

taurus86a 7 augustus 2013 18:37

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Wat kost een nieuwe bandbreedte elders? Ook de 4 miljard die de Nederlandse regering er laatst voor oppraapte? Nee, dit bericht was er een van ´Blijven roeren Neelie anders gaat het klonteren´.
Hier komt er één van mezelf: Een prima kopje koffie kost in Portugal 55ct. Zal het San Marco plein in Venetië wel het duurste zijn. En het is allebei een goed kopje koffie in een zonnige omgeving.

pwijsneus 9 augustus 2013 13:36

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“América Móvil announces tender offer for all shares of KPN”
Mexico City, Mexico, August 9, 2013 -- América Móvil, S.A.B. de C.V. (

“América Móvil” or “AMX”) (BMV: AMX; NYSE: AMX; Nasdaq: AMOV; LATIBEX: XAMXL) announced today its intention to make (directly or through a wholly owned subsidiary) a voluntary tender offer in cash for all of the issued and outstanding ordinary shares of Koninklijke KPN N.V (“KPN”), at a price of EUR 2.40 per share (the "Intended Offer").

The Intended Offer price of EUR 2.40 per share implies a premium of approximately 35.4%
over the average closing price of KPN's ordinary shares on Euronext Amsterdam for the last
30 trading days.

Rationale for the Intended Offer

In recent years, América Móvil has been exploring opportunities to expand its operations to other regions outside the Americas in order to achieve geographical diversification and create attractive long-term returns for its shareholders. KPN represented its first investment outside of the Americas. More than a year after its initial investment in KPN, América Móvil’s objective is to acquire a majority stake in KPN in order to facilitate greater operational cooperation and co-ordination between the two companies, to exploit all areas for potential partnerships and to intensify the realization of synergy potential for both companies.

América Móvil aims to support to a greater extent KPN's plans in a rapidly changing environment in Europe so that both companies benefit from their respective experiences in the sector.

As of the date hereof, América Móvil held (directly and indirectly) 1,267,677,000 ordinary shares in the capital of KPN, representing approximately 29.77% of all issued and outstanding ordinary shares in the capital of KPN.

América Móvil recently explained the proposed transaction to KPN representatives. América Móvil has invited KPN´s Supervisory Board and Board of Management (the “KPN Boards”) to meet as soon as possible to further discuss the Intended Offer and potential terms for a
long-term constructive relationship. América Móvil would welcome support from the KPN Boards.

Conditions to the Intended Offer

The Intended Offer will be subject to conditions, which will include a minimum acceptance condition that following settlement of the Intended Offer América Móvil will hold directly or indirectly more than 50% (fifty per cent) of the voting rights exercisable in a general meeting of shareholders of KPN, required regulatory approvals, no competing transactions having been announced or made by any party and no material adverse event having occurred.

In accordance with article 12 paragraph 1 of the Takeover Decree, América Móvil will ultimately at the time of launch of the Intended Offer determine and confirm the conditions to the Intended Offer.

Indicative Timetable

América Móvil intends to submit an offer memorandum to the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, “AFM”) for approval, to make the required statement that it will have means available to fund the offer price payable under the Intended Offer, and to finalize all required documentation with regard to the Intended Offer expeditiously. Once the offer memorandum is approved by the AFM, the offer will be made and the offer memorandum will be published. It is currently expected that this will take place during September 2013. América Móvil has informed the AFM of the Intended Offer.

E-Plus

On July 23, 2013, KPN announced that it had “entered into a transaction, subject to shareholder approval, to sell and transfer 100% of its interest in E-Plus to Telefonica Deutschland for EUR 5.0 billion in cash and a 17.6% stake in Telefonica Deutschland post transaction”. According to KPN's announcement the transaction is subject to other terms and conditions, including merger clearance.
América Móvil is carefully evaluating the merits of the proposed transaction and will make a final determination in relation to the exercise of its voting rights at the upcoming Extraordinary General Meeting of KPN.

América Móvil Financial Position

América Móvil will continue to maintain its sound financial position, allowing for further investments in the telecommunication and related sectors in the Americas in order for AMX to maintain its leadership and state-of-the-art technology, as well as to continue with the
development, growth and innovation of products, services and content.

About América Móvil
AMX is the leading provider of telecommunication services in Latin America. As of June 30, 2013, it had 262 million wireless subscribers and 66.8 million fixed revenue generating units in the Americas.

voda 12 augustus 2013 16:15

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America Movil niet alleen geinteresseerd in KPN's E-Plus - media

AMSTERDAM (Dow Jones)--De Mexicaanse miljardair Carlos Slim is niet alleen geinteresseerd in E-Plus, de Duitse tak van Koninklijke KPN nv (KPN.AE), zegt Carlos Garcia Moreno, de financiele rechterhand van Slim, tegen het Financieele Dagblad.

America Movil (AMX), dat vrijdag een overnamebod op KPN deed, ziet ook potentie in de Nederlandse markt, zegt hij in de krant.

"Het is een geweldig bedrijf met geweldige bezittingen. Ze hebben alleen de langetermijnvisie nodig om de verborgen waarde te ontsluiten", aldus de financieel bestuurder van AMX. Het bod op KPN is volgens hem 'een natuurlijke evolutie' van de Mexicaanse betrokkenheid bij het telecombedrijf.

Garcia Moreno wil niet zeggen hoe AMX staat tegenover de verkoop van KPN-dochter E-Plus aan het Spaanse Telefonica. Hij stelt dat het bedrijf nog geen standpunt heeft geformuleerd over E-Plus.

Dat gebeurt pas bij de aandeelhoudersvergadering in oktober, geeft hij aan in de krant. Ook vindt hij het nog 'prematuur' om te zeggen of het huidige KPN-bestuur en topman Eelco Blok kunnen aanblijven na de overname.

Door Ben Zwirs; Dow Jones Nieuwsdienst; +31 20 571 52 00; patrick.buis@wsj.com

voda 12 augustus 2013 16:15

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Veel opties nog open bij KPN - ING

AMSTERDAM (Dow Jones)--Er liggen bij KPN (KPN.AE) nog vele opties open nadat America Movil (AMX) vrijdag aankondigde het bedrijf over te willen nemen, zegt ING. Het gegeven dat het telecombedrijf van miljardair Carlos Slim meer dan 50% van het stemrecht wil, geeft volgens ING aan dat AMX de verkoop van E-Plus wil heronderhandelen, wat een verbeterd bod van Telefonica Deutschland zou kunnen opleveren. Het bod van EUR2,40 per aandeel, wat een premie biedt van 35% op de gemiddelde slotkoers van de laatste 30 dagen, noemt de analist eerlijk. Verder wijst de analist op de mogelijkheid dat KPN een beschermingsconstructie kan gebruiken om te voorkomen dat America Movil een meerderheid in handen krijgt. ING verhoogt het koersdoel naar EUR2,40 van EUR1,90 en handhaaft het advies op hold, nadat de koers van het aandeel vrijdag al opliep richting de hoogte van het Mexicaanse bod. Vrijdag sloot het aandeel op EUR2,32. (BTZ)

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 13 augustus 2013 16:13

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Telekom Austria meldt glasvezel samenwerking met KPN

AMSTERDAM (Dow Jones)--Telekom Austria ag (TKA.VI) meldt dinsdag een samenwerking met Koninklijke KPN nv (KPN.AE) te zijn gestart.

De samenwerking betreft het delen van glasvezelnetwerken, waardoor een van de grootste glasvezelnetwerken van Europa ontstaat. Daarbij verbindt centrale locatie Frankfurt, met Wenen als back-up, de vier belangrijkste Europese internet exchange points - Londen, Amsterdam, Parijs en Frankfurt - met elkaar. Het gaat daarbij om netwerken voor ethernet, ip vpn, wavelength en ipt.

Austria Telekom meldt dat de bedrijven over 173 'points of presence' beschikken in 35 landen in Europa en Noord-Amerika.

Daarnaast delen de bedrijven technologische kennis en lokale kennis.

- Door Elco van Groningen; Dow Jones Nieuwsdienst; +31-20-5715200; elco.vangroningen@wsj.com

Vertraagd	24 feb 2025 17:39
Koers	3,589
Verschil	+0,082 (+2,34%)
Hoog	3,589
Laag	3,505
Volume	9.842.866
Volume gemiddeld	7.483.096
Volume gisteren	10.938.200

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