Vodafone closes the door to Iliad to focus on interviews with Swisscom. Last December, in fact, the telephone group founded by Xavier Niel had presented an offer to take over the Italian activities of the British group led by Margherita Della Valle (pictured), later improving it by putting on the table a joint merger, 6.6 billion in cash and a shareholder loan of 2 billion. And, as initially expected, the option that allowed Iliad to purchase a further 10% per year at a pre-established price had been cancelled.
The British, in fact, would not want to abandon the Italian market completely and the proposal – in its first configuration – actually outlined a farewell, albeit in installments. “The Vodafone group has rejected this new offer,” Iliad wrote in the note, which it believed to be “the best possible for the benefit of the Italian market and telecommunications sector.” However, the enthusiasm was not shared by Vodafone. From what Il Giornale gathered, among the main reasons for the “no” vote there would be a valorization considered insufficient. In a response note, Vodafone limited itself to stating that «in December we communicated that we are exploring options with various parties in Italy. We have interrupted discussions with Iliad while discussions with other parties continue.”
The plural is used, also because in a hyper-competitive sector it is possible that others have also knocked on Vodafone’s door, but in reality the Swiss at Swisscom, who control Fastweb, are far ahead of everyone else. The latter are taking refuge behind a “no comment”, but according to what transpires from financial circles they could already be in a phase of exclusive talks. Yesterday, January 31st, Vodafone shares lost over 2% on the London Stock Exchange. The prospect of synergy with Iliad, among the most competitive companies on the price front, would probably have had positive effects on a market where price competition is very aggressive. Perhaps more will be known about Vodafone’s wishes on 5 February, when the quarterly accounts will be presented.
The French company Iliad will now continue “to strengthen its position in Italy and to pursue with determination the conquest of market shares in all segments”. And who knows, one day, after the spin-off of Tim’s network, the sights may not focus on an alliance with the group led by CEO Pietro Labriola. However, a distant scenario, which would be made more complicated in terms of Antitrust if the aggregation between Fastweb and Vodafone were to take shape. Meanwhile, on the Tim front, the deadline for submitting an offer on the Sparkle cable company, which will end up at the Mef, expired yesterday.
2024-01-31 20:54:00
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