SFR strengthens even in the capital of Neuf Cegetel. Friday, the Belgian Belgacom announced an agreement to sell its 5.8 per cent of Neuf Cegetel mobile operator, thus from 34.9 to 40.7. In may, SFR had already bought 7 Telecom Italia and Credit Switzerland. The operation is to 187 million euros, which values the ex LDCom EUR 3.2 billion, or exactly the same value as in May. Belgacom, which realises a capital gain of EUR 67 million in the operation, said "able to benefit from a supplementary payment in case of introduction on the stock exchange or any other event as".
Before the summer, the Belgian operator not had yet not hidden his interest in Neuf Cegetel. But he would have to compete with stronger than him, and in particular with SFR, which intends to remain in Neuf Cegetel and has a right of first refusal for the rest of the capital. He therefore drew the consequences. "Our position of minority shareholders, without the slightest margin of control, has not allowed us to achieve synergies, and create significant shareholder value," said its Chief Executive Officer, Didier Bellens.
Prior to this transaction, SFR was tied with Louis Dreyfus in the capital of Neuf Cegetel (35 each). After this purchase, it would become by far the first shareholder. But trading group has not said its last word. It has, such as SFR, a right of pre-emption and may therefore require half of the 5.8 sold by Belgacom, to remain tied with SFR.
Speculation
This acquisition boosts speculation about a future redemption of all Neuf Cegetel by SFR. Officially, the subsidiary of Vivendi and Vodafone explain that this operation allows it to secure its blocking minority in Neuf Cegetel, in accordance with his wishes, repeated since early 2006, to hold at least 33.3. In the figures, its participation already exceeded this threshold. But it could be diluted by the exercise of stock options. Above all, Louis Dreyfus holds promises of sale on these options, and most of the shares in the hands of managers, to repurchase these securities at a predetermined price and rise 2 in the capital, from as to SFR.
However, it appears that these promises of sale become obsolete for IPO. In addition, existing shareholders could be diluted in such an operation, planned before the end of the year. Indeed, the Bloomberg Agency indicated late July that funds should be raised in the rating to, for example, to finance the purchase of AOL. Initially, the IPO project was intended simply to provide liquidity to the minority shareholders, without increasing capital.
This assignment of Belgacom shares slightly reduces the floating potential. Indeed, SFR is not seller of its titles, and Louis Dreyfus (which intensified in May) probably not what stops already 76 of the current capital. On the other shareholders, some would want to keep a fraction of their participation to take advantage of a possible appreciation of the course. It would be the case of Suez (12 of the capital), who has not responded to our questions. Wendel (5) indicates "not be pressed to surrender this participation and have not yet decided of the time, which may be in the rating or later". In principle, the stock exchange authorities require that the floating of a society is introducing on the market either unless derogation of at least 20.
Of course these comments were not the taste of the employersSince the beginning of the year the Chinese Trade Minister Chen Deming was careful conscientiously around the France on its regular missions to purchase deemed in economic crisis put on stage in the West the attachment of his country regularly accused of Massive stimulus of assisted contracts 404Then and only then he considers done the jobIt failed the two friends are away from home in the countrysideThe space appears at the very narrow timeA reform that would save EUR 7 billion per yearThe approach described may seem offputtingThe debate is opened in Algeria and IndiaNeeded to both claim victory No the caution
