Negocio Vodafone o que se fala la por fora.
Enviado: 13/1/2003 22:54SONAE.COM - SNCP.IN More about SNCP.IN Company InfoCompany ProfileComparison ChartNewsPress Releases
UPDATE 4-Vodafone plans 2 bln euro buyout of European units
Mon January 13, 2003 12:34 PM ET
(Adds fund manager paragraph five, closing share prices)
By Braden Reddall, UK telecoms correspondent
LONDON, Jan 13 (Reuters) - Vodafone VOD.L said on Monday it planned to offer up to two billion euros ($2.1 billion) for outstanding stakes in its Swedish, Dutch and Portuguese units, in an attempt to tighten its grip on Europe's cellphone market.
The Britain-based group said it was in talks about formally bidding 45 Swedish crowns per Europolitan EURO.ST share, 11 euros per Libertel LTEL.AS share in the Netherlands, and 8.50 euros per Telecel TELN.IN share in Portugal.
Vodafone Group Plc will also mop up the 6.2 percent of Spanish unit Vodafone Espana it does not already own for another two billion euros later this month.
Shares in the three listed subsidiaries climbed on news of the planned cash offers, and traded at prices above those Vodafone proposed as investors insisted they were not high enough.
"The feeling is that it is on the low side from a bid value perspective and considering today's share price," said Marianne Nilsson of mutual fund group Robur, one of Europolitan's biggest shareholders. She said Robur would take a formal stance on the bid once it became official.
However, sources familiar with the talks said Vodafone was unlikely to raise any of the bids.
The buyout proposals, which Vodafone said would enhance earnings, follow the failure by the world's most valuable mobile phone group to take full control of French joint venture Cegetel EAUG.PA in November.
Vodafone already owns 78 percent of Libertel, 75 percent of Europolitan, and 61 percent of Telecel. Analysts described the buyout talks as a tidying-up exercise, using cash many investors in Vodafone hope will go towards a share buyback.
"It's the company finding a home for some of its money now that they're not buying Cegetel," said Robert Grindle, analyst at Dresdner Kleinwort Wasserstein in London. "It's not huge money for Vodafone, so it doesn't even rule out a buyback."
Vodafone will take full ownership of Vodafone Espana this month, after Spanish construction and services group Acciona ANA.MC reaffirmed it would exercise an option to sell its stake for around two billion euros, while keeping a 0.48 percent interest in Vodafone Group Plc.
SOAKING UP MINORITY STAKES
Having promised not to invest in any new countries, Chief Executive Chris Gent has been snapping up shares in his listed subsidiaries in recent months. At the end of November, Vodafone boosted its stake in Greek unit Panafon PANr.AT to 63 percent.
But Vodafone said on Monday it had no plans to make offers for the outstanding interests in Panafon or in Japan Telecom 9434.T , which is two-thirds owned by Vodafone. Panafon shares slipped 2.6 percent to 5.32 euros.
Shares in the three targeted units made strong gains, with Libertel rising 3.5 percent to close at 11.07 euros and Europolitan adding 3.6 percent to 45.60 euros.
Telecel jumped 4.8 percent to 8.55 euros as some investment banks, including Banco Portugues de Investimento, advised their clients to ignore the notional 8.50 euros offer.
"The price that Vodafone is proposing, in terms of multiples, is really low and is one of the lowest in Europe," said Riu Cesario Pereira, analyst with Espirito Santo Research.
Bear Stearns analyst Fanos Hira estimated that Vodafone could have offered an average 32 percent more per share for the subsidiaries without hurting its earnings.
"That said, for assets they already control there is no need in our view to be aggressive or indeed for any offer to be increased," Hira said in a research note.
Shares in Sonae.com SNCP.IN , owner of Portugal's number three mobile phone operator Optimus, gained 6.5 percent on speculation that Vodafone might follow a full buyout of number two player Telecel with a bid for the smaller rival.
Vodafone Group shares ended 1.2 percent up at 123-1/2 pence.
Vodafone was involved in acquisition speculation last week, with sources saying it and Deutsche Telekom DTEGn.DE were poring over the books of the Dutch unit of mmO2 OOM.L .
Vodafone also plans to make a decision later this year on what to do with its 45 percent holding in U.S. market leader Verizon Wireless VZ.N . Vodafone said last week it had no current intention of selling the stake, despite persistent speculation about its U.S. strategy. (Additional reporting by Sergio Goncalves and Ian Simpson in Lisbon and Anna Ringstrom in Stockholm)
UPDATE 4-Vodafone plans 2 bln euro buyout of European units
Mon January 13, 2003 12:34 PM ET
(Adds fund manager paragraph five, closing share prices)
By Braden Reddall, UK telecoms correspondent
LONDON, Jan 13 (Reuters) - Vodafone VOD.L said on Monday it planned to offer up to two billion euros ($2.1 billion) for outstanding stakes in its Swedish, Dutch and Portuguese units, in an attempt to tighten its grip on Europe's cellphone market.
The Britain-based group said it was in talks about formally bidding 45 Swedish crowns per Europolitan EURO.ST share, 11 euros per Libertel LTEL.AS share in the Netherlands, and 8.50 euros per Telecel TELN.IN share in Portugal.
Vodafone Group Plc will also mop up the 6.2 percent of Spanish unit Vodafone Espana it does not already own for another two billion euros later this month.
Shares in the three listed subsidiaries climbed on news of the planned cash offers, and traded at prices above those Vodafone proposed as investors insisted they were not high enough.
"The feeling is that it is on the low side from a bid value perspective and considering today's share price," said Marianne Nilsson of mutual fund group Robur, one of Europolitan's biggest shareholders. She said Robur would take a formal stance on the bid once it became official.
However, sources familiar with the talks said Vodafone was unlikely to raise any of the bids.
The buyout proposals, which Vodafone said would enhance earnings, follow the failure by the world's most valuable mobile phone group to take full control of French joint venture Cegetel EAUG.PA in November.
Vodafone already owns 78 percent of Libertel, 75 percent of Europolitan, and 61 percent of Telecel. Analysts described the buyout talks as a tidying-up exercise, using cash many investors in Vodafone hope will go towards a share buyback.
"It's the company finding a home for some of its money now that they're not buying Cegetel," said Robert Grindle, analyst at Dresdner Kleinwort Wasserstein in London. "It's not huge money for Vodafone, so it doesn't even rule out a buyback."
Vodafone will take full ownership of Vodafone Espana this month, after Spanish construction and services group Acciona ANA.MC reaffirmed it would exercise an option to sell its stake for around two billion euros, while keeping a 0.48 percent interest in Vodafone Group Plc.
SOAKING UP MINORITY STAKES
Having promised not to invest in any new countries, Chief Executive Chris Gent has been snapping up shares in his listed subsidiaries in recent months. At the end of November, Vodafone boosted its stake in Greek unit Panafon PANr.AT to 63 percent.
But Vodafone said on Monday it had no plans to make offers for the outstanding interests in Panafon or in Japan Telecom 9434.T , which is two-thirds owned by Vodafone. Panafon shares slipped 2.6 percent to 5.32 euros.
Shares in the three targeted units made strong gains, with Libertel rising 3.5 percent to close at 11.07 euros and Europolitan adding 3.6 percent to 45.60 euros.
Telecel jumped 4.8 percent to 8.55 euros as some investment banks, including Banco Portugues de Investimento, advised their clients to ignore the notional 8.50 euros offer.
"The price that Vodafone is proposing, in terms of multiples, is really low and is one of the lowest in Europe," said Riu Cesario Pereira, analyst with Espirito Santo Research.
Bear Stearns analyst Fanos Hira estimated that Vodafone could have offered an average 32 percent more per share for the subsidiaries without hurting its earnings.
"That said, for assets they already control there is no need in our view to be aggressive or indeed for any offer to be increased," Hira said in a research note.
Shares in Sonae.com SNCP.IN , owner of Portugal's number three mobile phone operator Optimus, gained 6.5 percent on speculation that Vodafone might follow a full buyout of number two player Telecel with a bid for the smaller rival.
Vodafone Group shares ended 1.2 percent up at 123-1/2 pence.
Vodafone was involved in acquisition speculation last week, with sources saying it and Deutsche Telekom DTEGn.DE were poring over the books of the Dutch unit of mmO2 OOM.L .
Vodafone also plans to make a decision later this year on what to do with its 45 percent holding in U.S. market leader Verizon Wireless VZ.N . Vodafone said last week it had no current intention of selling the stake, despite persistent speculation about its U.S. strategy. (Additional reporting by Sergio Goncalves and Ian Simpson in Lisbon and Anna Ringstrom in Stockholm)