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Vodafone boss Nick Read, under pressure from new investor Cevian Capital and other shareholders, has been vocal in his wish to see European operators merge in local markets to build stronger companies that can invest in fibre and 5G networks.
Reuters reported in January that Vodafone and Iliad<\/a> discussed combining their businesses in the cut-throat Italian market, before the firm founded by billionaire Xavier Niel turned the tables by offering to buy Vodafone's local operations outright.
Iliad appeared to indicate it would not raise its all cash offer, describing it as reflecting a \"very high\" premium for Vodafone.
\"Iliad takes note of the rejection by Vodafone of its 11.25 billion euros ($12.92 billion) offer for Vodafone Italy,\" it said in a statement, adding that it would \"pursue its stand-alone strategy\".
Vodafone, the world's second largest mobile operator, said on Thursday the offer was not in the best interests of shareholders.
\"The board and management of Vodafone remain focused on delivering shareholder value through a combination of its organic growth strategy over the medium-term and ongoing portfolio optimisation,\" it said, adding that it was pursuing several \"value accretive\" deals.
Analysts at Jefferies said selling to Iliad, a disruptor in Italy that helped turn the market hyper competitive, would set the wrong precedent.
\"Difficulties in Italy are largely attributable to Iliad's market entry in May 2018, and could be rapidly resolved if Iliad were to adjust its commercial approach in search of profitability,\" they said.
They argued a joint venture between the two would give Vodafone exposure to market recovery. Jefferies said an 11 billion euro figure implied an enterprise value to core earnings multiple of 7 times, a figure it described as underwhelming.
The news from Vodafone comes as all European operators look at ways to reinvigorate their operations, with bankers reporting talks in multiple countries.
Operators are hoping that regulators in Brussels will show greater awareness of the need to invest in networks after the pandemic. British regulator Ofcom said this week it was no longer ideologically-wedded to the need for four operators.
Iliad's bid, which was first reported by the Financial Times<\/a>, comes as Italy's biggest phone group Telecom Italia<\/a> (TIM) is assessing a 10.8 billion euro takeover approach from U.S. fund KKR.
Vodafone's London-listed shares closed 0.8% lower.
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- Telecom乐动扑克News
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沃达丰(Vodafone)拒绝了13美元左右伊利亚特,Apax意大利的商业模式
沃达丰老板尼克阅读,从新的投资者Cevian资本和其他股东的压力下,他向来直言不讳地希望看到欧洲运营商合并在当地市场建立更强的公司可以投资于纤维和5 g网络。
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沃达丰老板尼克阅读,从新的投资者Cevian资本和其他股东的压力下,他向来直言不讳地希望看到欧洲运营商合并在当地市场建立更强的公司可以投资于纤维和5 g网络。
据路透社报道,沃达丰(Vodafone)和1月《伊利亚特》讨论结合意大利企业在竞争激烈的市场,公司由亿万富翁Xavier Niel之前把表通过提供直接收购沃达丰的本地业务。
伊利亚特》似乎表明它不会提高其所有的现金出价,称其为反映沃达丰的“非常高”的溢价。
“伊利亚特需要注意拒绝的沃达丰(Vodafone)的112.5亿欧元(合129.2亿美元)收购沃达丰意大利,”在一份声明中说,并补充说“奉行独立的战略”。
世界第二大移动运营商沃达丰(Vodafone)周四表示,提供不符合股东的最佳利益。
“沃达丰的董事会和管理层保持专注于为股东创造价值通过其有机的结合在中期发展战略和持续的投资组合优化,”它说,并补充说这是追求一些交易“价值提升”。
Jefferies分析师表示出售伊利亚特,粉碎机在意大利,帮助市场恶性竞争,将错误的先例。
“意大利困难在很大程度上归功于《伊利亚特》2018年5月的市场准入,并可以迅速解决如果伊利亚特调整其商业方法寻找盈利,”他们说。
他们认为两者之间的合资企业将给沃达丰暴露在市场复苏。Jefferies说110亿欧元图隐含一个企业价值核心收入的7倍,它描述为平庸。
新闻从沃乐动扑克达丰之际,欧洲运营商看重振业务的方法,与银行家报告在多个国家谈判。
运营商希望监管机构在布鲁塞尔将显示需要投资意识的加强,网络在大流行。英国监管机构Ofcom本周表示,不再是ideologically-wedded需要四个运营商。
伊利亚特的出价,这是第一次报告的金融时报》之际,意大利最大的手机意大利电信(TIM)评估108亿欧元从美国基金KKR收购。
沃达丰在伦敦上市的股票收盘下跌0.8%。
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