Akcie TELEFÓNICA O2 C.R - Diskuze, názory, doporučení a hodnocení
Akcie TELEFÓNICA O2 C.R - Diskuze a názory
tak cóó sparťaněéééé :-)
tak cóó sparťaněéééé :-)
| 03 Nov 2005 09:01 | |
| Telefonica's surprise O2 deal tests investor faith | |
By Sonya Dowsett
MADRID, Nov 3 (Reuters) - Question marks surround Telefonica's <TEF.MC> 17.7 billion pound ($31 billion) cash bid for British mobile group O2 <OOM.L>, investors in the Spanish telecommunications giant said.
The strategy behind moving into the established mobile phone markets of Britain and Germany, the price being paid, and why Telefonica had denied interest in the British group as recently as September were among the concerns aired.
"Investors may question communications on strategic issues given that as recently as a month and a half ago they were saying they had no interest in O2 and thought it was expensive," said Tim Callaghan, senior investment manager at Gartmore Investment Management, who met Telefonica Chairman Cesar Alierta on Tuesday.
Shares in Telefonica have fallen nearly 5 percent since Monday's announcement of the debt-funded agreed bid, Europe's biggest-ever all-cash offer. The stock closed on Wednesday trade down 0.6 percent at 13 euros.
Shares in target O2 closed at 198 pence, below Telefonica's offer of 200 pence, on Wednesday as hopes of a bid war faded after Germany's Deutsche Telekom <DTEGn.DE> said it would not launch a counterbid.
Shareholders grilled Chairman Alierta at a presentation to shareholders in London's Savoy Hotel this week about why the firm had denied interest in the British mobile group as little as six weeks ago, said one fund manager present at the event.
Another fund manager, who asked to remain anonymous, raised questions about the 200 pence per share price offered -- a 22 percent premium to Friday's closing price -- saying that Telefonica could have moved to buy the company earlier, before long-running bid rumours shored up the share price.
SURPRISE
Andrea Williams, fund manager at Royal London Asset Management, said she was concerned the deal was driven by a strategy of size for size's sake.
"It makes us a little bit more negative on the stock, particularly as we're already concerned about growing competition in Spain," she said.
Telefonica faces new challenges at home from players such as France Telecom <FTE.PA>, which recently took over Spain's third-ranked mobile group, Amena.
Williams also flagged increased acquisition risk for the former Spanish monopoly if it tried to create integrated operators in Britain and Germany by buying fixed-line operators to complement O2's mobile presence.
Telefonica said on Monday it was not currently considering other European acquisitions.
The deal to buy O2 continues a departure from Telefonica's traditional focus on Latin American markets.
The Spanish firm bought 51 percent of Czech carrier Cesky Telecom <SPTTsp.PR> for $3.55 billion in March and a stake in Netcom, China's second-biggest fixed-line telecoms operator, in June.
Analysts said the deal to buy O2 was a surprise and an about-turn from its announced strategy to focus on integrated assets in more developing markets.
Gartmore's Callaghan agreed.
"One of the questions is whether you put a discount on the stock for management having changed their view and focused away from Latin America and the growth there, which is what you thought you were getting from the stock," he said. ((Editing by Quentin Bryar; Reuters Messaging: sonya.dowsett.reuters.com@reuters.net; 34 91 585 8328))
($1=.5662 Pound)
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