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Ebay to cut 2,400 jobs, sell Enterprise division
2015-01-22 09:06:00| Telecompaper Headlines
(Telecompaper) Ebay announced plans to cut 2,400 jobs in the first quarter, as it prepares for more changes in its structure. This is equal to around 7 percent of its workforce. In addition to the planned spin-off of PayPal in the second half of this year, the company said it now plans also to sell or list on the stock market its unit eBay Enterprise. Ebay said the business has limited synergies with its other activities. The company also announced a standstill agreement with investor Carl Icahn, the company's largest active shareholder. The agreement appoints Icahn Capital executive Jonathan Christodoro to eBay's board of directors. Wall Street executives Frank Yeary and Perry Traquina were also named to eBay's board. The changes came alongside fourth-quarter results showing eBay's revenues up 9 percent to USD 4.92 billion, and net profit up 10 percent to USD 936 million.
Telefonica to sell bonds to cut Telecom Italia stake
2014-07-17 08:54:00| Telecompaper Headlines
(Telecompaper) Telefonica has announced its intention to sell EUR 750 million of bonds that can be exchanged for Telecom Italia shares, the first time it has showed a willingness to cut its stake in the incumbent Italian operator. In a statement to Spain's market regulator CNMV, Telefonica said the bonds will carry a fixed annual interest rate of between 5.25 percent and 6 percent and would mature in three years. However, they could be converted at any time before that or paid in cash if certain conditions are met. The mandatory exchangeable bond is a way for Telefonica to reduce its near 15 percent stake in Telecom Italia by about 5 percent, according to unnamed sources close to the transaction cited by Reuters. "This is a way for Telefonica to sell part of its stake in Telecom Italia while ensuring against downside risk if the shares lose value in the next three years," said one of the sources, with another adding that the exchangeable bond "is invariably going to lead people to ask what Telefonica plans to do with the rest of its stake in Telecom Italia."