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KPN’s E-Plus Sale Should Complete, Credit Suisse Says 2013-11-19 07:39:34.15 GMT
By Sam Chambers Nov. 19 (Bloomberg) -- KPN’s proposed deal to sell E-Plus to Telefonica Deutschland should be approved, as European regulators have been “unusually open” in their commentary, Credit Suisse says, upgrading stock. * Says weakening trends at TEF D also mean that the co. has greater incentive to complete the deal * NOTE: TEF D’s CEO said he is confident that the deal will be approved, Nov. 7 * The entry of Tele2 into Dutch mobile mkt will probably see mkt conditions deteriorate in a similar way to the French mkt, post-Iliad’s entry, Credit Suisse says * Says KPN shrs are worth EU3.4 (39% upside to current level) in event of E-Plus sale completing; without a deal, shrs are worth EU1.55 (37% downside) * Says at EU1.55/shr, America Movil may revive its interest in a takeover * Upgrades KPN to outperform and raises its PT by 42% to EU3.4
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To contact the reporter on this story: Sam Chambers in London at +44-20-7673-2021 or schambers7@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net