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Pakistan raises USD 1.1 bln in 3G, 4G auction
2014-04-24 12:35:00| Telecompaper Headlines
(Telecompaper) Pakistan has completed its long-awaited 3G spectrum auction, with four operators winning licences. The four qualified bidders - Mobilink, Telenor, Ufone and Zong - each picked up licences for the 2,100 MHz band. Mobilink and Zong each acquired 2x10 MHz for just over USD 300 million, and Telenor and Ufone 2x5MHz each for USD 147.5 million. Zong also acquired one of two 4G licences on offer for the reserve price of USD 210 million. The second will be auctioned later. Sikanadar Naqi, a Zong advisor, told AFP the company plans to begin 3G services in Lahore and Karachi immediately. Operators must pay half the licence fees upfront and the remainder in installments over five years.
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Zain sued for USD 4.5 bln in damages over Iraqna deal
2014-04-21 10:59:00| Telecompaper Headlines
(Telecompaper) Mobile operator Zain is being sued for USD 4.5 billion over its 2007 acquisition of an Iraqi telecom operator. Zain bought Iraqna for USD 1.2 billion from Orascom Telecom in December 2007 after the Egyptian firm dropped out of the running for a long-term mobile licence in Iraq. The Kuwaiti firm then merged its Iraqi unit, Atheer, with Iraqna and renamed the entity Zain Iraq, which is now the country's biggest operator by subscribers. Zain said in statement to the stock market that a company it declined to identify filed a lawsuit last August. This claims Zain's takeover had stopped the firm buying Iraqna, causing it losses of USD 4.5 billion, Reuters reports. Zain said it believes its position in the case is strong as the claimant company has failed to produce any evidence to back its claim. The anonymous company is also suing Zain and Iraq's Communications and Media Commission jointly for a further USD 1 billion, the statement said. An Iraqi court in January ruled that all Zain Iraq's revenue from its subscriber base transferred to the company as a result of the Iraqna acquisition should be placed under a legal guardian and in an Iraqi bank until the case is resolved. Zain said it unsuccessfully appealed this decision.
China rejections of Gmo U.S. corn cost up to $2.9 bln
2014-04-17 07:22:00| Agriculture - Topix.net
China's rejections of a banned variety of genetically modified U.S. corn have cost the U.S. agriculture industry up to $2.9 billion, a grain group said on Wednesday in the first estimate on losses from the trade disruptions.
UPDATE 2-Post Holdings nears $2.5 bln deal for Michael Foods -source
2014-04-17 06:55:32| Food - Topix.net
Cereal maker Post Holdings Inc is close to a deal to acquire eggs and dairy producer and distributor Michael Foods Group Inc for $2.5 billion, prevailing over a rival bid from Tyson Foods Inc, said a person familiar with the matter.
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michael
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Vivendi sells SFR to Numericable for EUR 13.5 bln, 20% stake
2014-04-06 20:12:00| Telecompaper Headlines
(Telecompaper) Vivendi's board has unanimously chosen to sell French mobile and broadband operator SFR to cable company Numericable, rather than to Bouygues Telecom, for EUR 13.5 billion of cash and a 20 percent stake in the combined Numericable-SFR. Vivendi will receive another EUR 750 million if the new company meets profitability targets. The deal means that France will continue to have four MNOs, Orange, SFR, Bouygues and Free Mobile. By joining Numericable, SFR adds a large installed base of fixed line customers to its traditional mobile business. The board cited the synergies to be gained from combining the two networks, customer benefits based on fixed-mobile convergence, a lower risk of competition issues, and the best overall value from the sale, over EUR 17 billion in cash and shares.
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