Swisscom Launches EUR256 Million Bid For Fastweb Minority Shares
September 08 2010 - 2:36AM
Dow Jones News
Swisscom AG (SCMN.VX) Wednesday said it will offer EUR256
million, or EUR18 per share, to acquire the outstanding shares in
its Italian Fastweb business.
The Swiss telecommunications company now indirectly owns 82.1%
of Fastweb shares, bought in May 2007, and is seeking to acquire
the remaining 17.9% of the stock.
Swisscom said Fastweb has achieved strong growth since the
takeover and is well placed to take advantage of the further growth
potential and opportunities offered by the Italian
telecommunications market.
The offer price for the remaining Fastweb shares represents a
premium of EUR4.63, or 34.6% on Tuesday's offical share price. The
takeover will be financed from its own funds or existing credit
lines, it said.
Company Web Site: http://www.swisscom
By Neil MacLucas, Dow Jones Newswires; +41 43 443 8046;
neil.maclucas@dowjones.com
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