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KPN Weekdraadje 16 t/m 20 sept 2013

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Telefonica Said to Mull Doubling Down in Italian Gambit

Sep 19, 2013 6:47

As Telecom Italia SpA (TIT)’s financial investors prepare to cut off funding, the future of the phone company at the brink of junk is in the hands of another indebted carrier: Telefonica SA. (TEF)
Telecom Italia directors gathered in Milan today, with Madrid-based Telefonica looking to resolve price differences to double its holding by buying out Assicurazioni Generali SpA (G), Intesa Sanpaolo SpA (ISP) and Mediobanca SpA (MB), said people familiar with the matter, who asked not to be named because the discussions are confidential. The Spanish company owns an indirect stake of 10.4 percent, with a market value of 1.1 billion euros ($1.5 billion).

An alternative is for Telefonica to take part in a Telecom Italia capital increase that won’t be matched by the partners in the holding company Telco SpA, the people said. Telco owns a 22.4 percent stake in the Italian carrier. Telefonica would back a share sale only if the plan comes along with measures to shore up Telecom Italia’s finances such as a disposal of its Brazilian unit, Tim Participacoes SA (TIMP3), in the medium term, the people said.

Chief Executive Officer Franco Bernabe doesn’t have time on his side. Moody’s Investors Service in August gave him three months to strengthen Telecom Italia’s balance sheet or else the company could be stripped of its investment-grade rating, said another person with knowledge of the matter.

Bernabe said in an interview at Milan’s Linate Airport that he’s “confident” of an agreement on the company’s future when directors meet Oct. 3 to consider any proposals or recommendations that need to be voted on. He termed today’s informal meeting of directors “constructive,” and declined to elaborate.

‘Many Actors’
“Telecom Italia has become a thriller in which there are way too many actors and the screenplay isn’t clear at all,” said Andres Bolumburu, an analyst at Banco de Sabadell. “Everybody has interests that seem to be incompatible. Telefonica would be keen to remain a shareholder and even increase its stake, but without taking full control of the asset and without paying too much for it.”

Telefonica and the financial investors agreed to pay 4.1 billion euros in 2007 for an 18 percent stake in Italy’s biggest phone company. At the time it was a compromise by the government to keep the carrier Italian and fend off a takeover bid by AT&T Inc. (T) and Carlos Slim’s America Movil SAB. The new owners have written down their investments at least five times -- most recently to 1.20 euros a share -- as Telecom Italia shares slumped more than 70 percent over six years.

Telco Writedown
Now with the financial investors focusing on selling non-core assets, and as a window for a cancellation of the shareholder pact opened this month, Mediobanca this week further devalued its stake to 53 cents a share. Putting more equity into Telecom Italia “is not in line” with Mediobanca’s strategy, CEO Alberto Nagel said on a Sept. 17 conference call.

Telecom Italia fell 0.3 percent to 59.05 cents in Milan. Telefonica rose 0.3 percent to 11.37 euros in Madrid.

The Italian investors are at the same time discussing a sale of their shares to potential buyers and were approached by different parties, one of the people said, asking not to be named because the discussions are private. If a deal can’t be reached with Telefonica, the Italian partners will consider selling the stakes after exiting Telco, the person said.
Spokesmen for Telefonica and Milan-based Telecom Italia declined to comment. Representatives for Generali, Intesa Sanpaolo and Mediobanca declined to comment on negotiations with Telefonica or other potential investors.

Net Debt
For Telefonica, increasing investments in Italy is a preferred option because a sale would mean another writedown similar to the one Mediobanca has just made. Having sold assets in the past year from Ireland to Central America, CEO Cesar Alierta has averted a rating downgrade and gained the financial flexibility that allowed him to expand in Germany by agreeing to take over Royal KPN NV’s E-Plus business in an 8.55 billion-euro transaction.

Lees verder: www.bloomberg.com/news/2013-09-18/tel...
KaPeeN63
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Goeden middag allemaal
Log nu pas vandaag in; andere leuke dingen gedaan.
Niets gemist, zo te zien; omzet K , koers K; Slim K en zo kan ik nog wel een poosje doorgaan.
Wie verkoopt er nu en gaat zonder positie het week-end in?

Ik niet hoor; blijf lekker zitten.
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quote:

KaPeeN63 schreef op 20 september 2013 16:19:

Goeden middag allemaal
Log nu pas vandaag in; andere leuke dingen gedaan.
Niets gemist, zo te zien; omzet K , koers K; Slim K en zo kan ik nog wel een poosje doorgaan.
Wie verkoopt er nu en gaat zonder positie het week-end in?

Ik niet hoor; blijf lekker zitten.
Blijf zeker ziiten. Mijn koersdoel is bekend. Zie ander draadje.

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zooooo wordt lekker gesnoept van de 2,38 hap hap hap daar gingen weer 300,000 bam jonge
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de puist op 2,38 is opgegeten.
nou ja , bijna ,schermpje stond niet helemaal goed. :-)
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quote:

Aswien schreef op 20 september 2013 16:05:

Hi, weet iemand waar ik realtime nieuws kan krijgen over een bepaald aandeel?
Kijk bij ´actueel´.
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Markt verwacht een hoger bod, anders was de omzet veel hoger geweest op deze koers.
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quote:

dump & dumber schreef op 20 september 2013 16:24:

Markt verwacht een hoger bod, anders was de omzet veel hoger geweest op deze koers.
Natuurlijk komt er een hoger bod.
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quote:

streven naar beter schreef op 20 september 2013 16:29:

gaan we slimpie zijn bod nog verbeteren de 2,40 ha ha ha,
Zou wel top zijn hoor !
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