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Telecom Italia to buy out TI Media for EUR 25 mln
2015-02-20 08:31:00| Telecompaper Headlines
(Telecompaper) Telecom Italia has announced a full takeover of its media division, Telecom Italia Media, which has been a publicly traded company for over a decade. The buyout of TI Media, already 78 percent owned by the phone company, will cost around EUR 25 million. In a joint statement, the two companies said Telecom Italia will offer 0.66 ordinary shares and 0.47 saving shares for each share of the same category in Telecom Italia Media. Investors in the media division can exercise a withdrawal right and receive cash at market prices. The companies said they expected Telecom Italia Media to be merged into Telecom Italia by the end of the third quarter. Simplification of the group's corporate structure and reduction of expenses were given as the main reasons for the buyout.
Altice offers Vivendi EUR 3.9 bln for remaining 20% in SFR
2015-02-18 09:14:00| Telecompaper Headlines
(Telecompaper) Telecom holding company Altice and its French subsidiary Numericable-SFR have made an offer to buy the 20 percent outstanding stake in Numericable-SFR held by Vivendi for EUR 40 per share. The offer values the 20 percent stake at EUR 3.9 billion and takes the total price paid for SFR to EUR 17 billion. Under the proposal, half of the stake would be bought through a share buyback programme to be approved at a Numericable-SFR general assembly. The other half will be bought by Altice France for approximately EUR 1.95 billion, plus 3.8 percent interest, before 7 April 2016. The payment has already been secured with a bank guarantee. The two stake purchases will close after the general assembly to be held no later than 30 April. Vivendi said its board will consider the offer at its next meeting 27 February.
Telefonica takes EUR 2.84 bln hit due to bolivar devaluation
2015-02-17 08:43:00| Telecompaper Headlines
(Telecompaper) Telefonica has announced that it has cut the value of its net assets in Venezuela by EUR 2.84 billion following last week's effective devaluation of the bolivar of around 70 percent. In a statement to Spain's market regulator CNMV, Telefonica said its profits and balance sheet would be seriously hit by the Venezuelan government's decision to introduce a new free-floating exchange rate. At 31 December, Telefonica valued its assets and income from Venezuela at 50 bolivares to the dollar, using the Sicad 2 exchange rate system, down from 12 bolivares to the dollar previously. As a result of the write-down and the significant amounts of retained profits that Venezuela barred the company from expatriating to Spain, Telefonica said its full-year operating profit would fall by EUR 915 million and net profit by EUR 399 million, while net financial assets in Venezuela would be reduced by EUR 1.23 billion. Although the write-down leaves the company with cash valued at EUR 390 million in Venezuela, future plans to invest in the country wouldn't be affected, added Telefonica. However, the percentage of the company's total revenue coming from Venezuela has been reduced to around 1 percent, compared to 6 percent of Telefonica's total revenue in 2013. Telefonica is due to report its full-year results on 25 February.
Tele Columbus to raise EUR 300 mln in IPO in H1
2015-01-02 12:11:00| Telecompaper Headlines
(Telecompaper) Germany's third largest cable operator, Tele Columbus, expects to launch an initial public offering (IPO) in the first half of 2015, according to news agency dpa-AFX. The company said it plans to raise approximately EUR 300 million, chiefly to reduce its debt in order to enable investments in growth. There will also be a greenshoe option. Tele Columbus has approximately 1.7 million households connected to its network.
TripAdvisor fined EUR 500,000 by Italian antitrust watchdog
2014-12-23 09:30:00| Telecompaper Headlines
(Telecompaper) Italy's antitrust and competition authority has fined the website TripAdvisor a total of EUR 500,000 for failing to control false reviews. The decision came after numerous complaints of improper business practices were filed by hoteliers' association Federalberghi, the country's consumer protection agency as well as Italian consumers. The regulator said in a statement that TripAdvisor had presented the reviews as "authentic and genuine" without taking measures to avoid contributors publishing false opinions. The misleading commercial practice had been in place since September 2011, and was still ongoing, said the antitrust authority. TripAdvisor replied that it disagreed with the decision and would appeal. "Our systems and procedures are extremely efficient in protecting consumers from a small minority of people who try to cheat our system," it said in a statement, adding that "we firmly believe that TripAdvisor is a force for good, both for consumers and the hospitality industry." The regulator gave TripAdvisor 30 days to pay the fine and 90 days to submit the measures it will be taking to prevent the further spread of unfair business practices.
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