Swisscom seeks to take over Fastweb
By Colleen Barry |
September 9, 2010, Thursday
|
Print Edition
Print Edition
SWISSCOM AG announced yesterday it will buy all outstanding shares in its Italian telecoms unit Fastweb SpA, which has been rocked by a money-laundering probe, for a total of 256 million euros (US$326 million).
Swisscom said in a statement that the takeover "will give Swisscom greater strategic and operational flexibility."
It will pay 18 euros a share, a premium of 4.63 euros, or 34.6 percent, at Tuesday's close on the Milan Stock Exchange, to buy back the 18 percent stake. Fastweb will exit the stock market after a decade of being publicly traded.
Shares in Fastweb, Italy's second-largest telecoms company, soared 33.88 percent on opening to 17.98 euros on the news.
The company is under investigation in a 2 euro billion money laundering probe, in which founder Silvio Scaglia has been implicated. Fastweb denies accusations and says it was a victim of a criminal organization.
The company avoided the risk of being put under administration when Swisscom CEO Carsten Shloter took temporary control of the subsidiary.
It posted a net loss 34 million euros in 2009, after setting aside 70 million euros for the criminal investigation.
Swisscom took control of Fastweb, primarily a broadband provider, in May 2007. The main alternative to the former state monopoly Telecom Italia, Fastweb, which also offers cell phone services, has 1.69 million broadband customers for a market share of around 13 percent.
Swisscom said in a statement that the takeover "will give Swisscom greater strategic and operational flexibility."
It will pay 18 euros a share, a premium of 4.63 euros, or 34.6 percent, at Tuesday's close on the Milan Stock Exchange, to buy back the 18 percent stake. Fastweb will exit the stock market after a decade of being publicly traded.
Shares in Fastweb, Italy's second-largest telecoms company, soared 33.88 percent on opening to 17.98 euros on the news.
The company is under investigation in a 2 euro billion money laundering probe, in which founder Silvio Scaglia has been implicated. Fastweb denies accusations and says it was a victim of a criminal organization.
The company avoided the risk of being put under administration when Swisscom CEO Carsten Shloter took temporary control of the subsidiary.
It posted a net loss 34 million euros in 2009, after setting aside 70 million euros for the criminal investigation.
Swisscom took control of Fastweb, primarily a broadband provider, in May 2007. The main alternative to the former state monopoly Telecom Italia, Fastweb, which also offers cell phone services, has 1.69 million broadband customers for a market share of around 13 percent.
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