The CEO of Vodafone Italia Aldo Bisio
All the dossier on the table of the CEO by Vodafone Nick Read
Confirmation comes directly from Iliad and its CEO: the French telecommunications company founded by Xavier Niel he presented an offer for 100% of Vodafone Italia. What it would amount to the “chips“Put on the plate? According to CorCom are around 14 billion. T.anto or a little? If we think that Kkr has enhanced Tim around 11 billion with the “friendly” offer of € 0.505 per share, it is sure a generous amount. The former Sip, in fact, has an overall share of 44.1% for the fixed network and 28.8% for the mobilewhile Vodafone – respectively – 15.9 and 28.7%. But there is a precedent: in 2011 Vimpelcom put his hand to his wallet to buy Wind paying out 21 billion euros. Other times, however.
Second Equity“Even with lower results due to competitive pressure, we would expect a multiple of 7-8x EV / Ebitda that is 11-13 billion “. We are still in the hypothesis phase given that no official figures are given at the moment. But there are some to be recorded important steps in recent weeks. The first is the activist fund Cevian which, on January 31, announced that it had acquired an “unknown” share of Vodafone for encourage it to maximize its operations in Italy, Spain and the United Kingdom, with a work of consolidation.
A few days earlier, the CEO of the tlc company Nick Read had stated that the consolidation of the number of players in those markets. The successor of Vittorio Colao at the helm of Vodafone argues that being authorized to do so by regulators it would improve returns by encouraging investment and thereby increasing connectivity. In the past, authorities have tried to protect consumers through healthy competition with four or five players in each market pushing each other to keep prices low.
Second clue: Benedetto Levithe chief executive officer of Iliad Italyhad already anticipated this possibility, arguing that if the activities of one of the three main players in our country had been for sale, they would certainly have beeninterest in Niel’s company. Which happened on time.
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