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Vodafone Unlikely to Remain Independent, Bernstein Says 2013-12-02 09:17:57.288 GMT
By Sam Chambers Dec. 2 (Bloomberg) -- After Vodafone’s Verizon Wireless sale and capex hike, it’s hard to make a credible investment case for co. as a standalone and a bid from AT&T and/or SoftBank will probably materialize, Bernstein says. * Says AT&T may find it difficult and time consuming to secure regulatory/political approvals for a deal, due to VOD’s multiple territories and the NSA spying scandal * NOTE: In 2011, AT&T pulled its $39b bid for T-Mobile USA after encountering regulatory opposition * If no bid materializes in the S/T, VOD could sell individual assets; Vodacom to Orange, India to Telenor, Australia to Hutchison, Egypt to Etisalat all possible, Bernstein says * Says this simplification of its portfolio would then make VOD more attractive for AT&T and less attractive for SoftBank, who are chasing scale * NOTE: AT&T said to be laying groundwork internally for a potential takeover of Vodafone * NOTE: AT&T may offer a healthy premium for VOD: Bernstein
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--Editor: James Ludden
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