Numericable in Weaker Position Than Bouygues on SFR, Kepler Says
2014-03-11 08:26:31.44 GMT
By Blanche Gatt
March 11 (Bloomberg) -- Numericable may be in a “lose-lose
situation” on its SFR bid, as raising bid to match Bouygues’
offer would mean eroding value given EU4b difference in est.
synergies, Kepler Cheuvreux says in note.
* Numericable drops as much as 4.2% on 4th straight day of
losses; vol. 76% of 3-mo. daily avg. at 9:25am CET
* Kepler Cheuvreux says losing out on SFR suggests risk of
marginalization
* Sale of assets to Iliad removed the possibility of
becoming a mobile network operator through spectrum/base
station acquisitions from the new co.
* Bouygues deal likely to have more political backing;
Altice is Luxembourg-based co.
* Regulatory approval is key, Kepler Cheuvreux says
* NOTE today: Vivendi SFR French Deal Preferred; New Bidder
Unlikely: Liberum
* NOTE today: Altice Confirms Its Made Cash/Stock Offer for
Vivendi’s SFR
* NOTE yday: Numericable Drops; Should Boost SFR Cash Bid to
EU13b: Jefferies
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Blanche Gatt in London at +44-20-7392-0351 or
bgatt@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Chris Malpass
2014-03-11 08:26:31.44 GMT
By Blanche Gatt
March 11 (Bloomberg) -- Numericable may be in a “lose-lose
situation” on its SFR bid, as raising bid to match Bouygues’
offer would mean eroding value given EU4b difference in est.
synergies, Kepler Cheuvreux says in note.
* Numericable drops as much as 4.2% on 4th straight day of
losses; vol. 76% of 3-mo. daily avg. at 9:25am CET
* Kepler Cheuvreux says losing out on SFR suggests risk of
marginalization
* Sale of assets to Iliad removed the possibility of
becoming a mobile network operator through spectrum/base
station acquisitions from the new co.
* Bouygues deal likely to have more political backing;
Altice is Luxembourg-based co.
* Regulatory approval is key, Kepler Cheuvreux says
* NOTE today: Vivendi SFR French Deal Preferred; New Bidder
Unlikely: Liberum
* NOTE today: Altice Confirms Its Made Cash/Stock Offer for
Vivendi’s SFR
* NOTE yday: Numericable Drops; Should Boost SFR Cash Bid to
EU13b: Jefferies
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Blanche Gatt in London at +44-20-7392-0351 or
bgatt@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Chris Malpass