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Ziggo/Liberty Deal Unlikely to See Antitrust Issues; Kepler Cuts 2014-01-28 11:04:55.263 GMT
By Blanche Gatt Jan. 28 (Bloomberg) -- Ziggo/Liberty Global deal unlikely to be blocked because of antitrust issues, Kepler Cheuvreux says in note; cuts Ziggo to hold from buy. * Kepler says while Liberty Global’s UPC and Ziggo operate in different areas, a merger of the two could cause some concern * A merger would imply consolidation of 90% of Dutch cable mkt; would attract attention of competition regulators, imply opening up cable * Threat is limited, even if combination were forced to open up cable, because would be years before other operators gained access * While lower than Kepler PT of EU37, offer price is “adequate” given 2014 outlook reported Jan. 24 * Dependence on Liberty Global prices on A and C shares is driving Ziggo shr price from now on: Kepler * Ziggo down 0.4% today on 4th consecutive day of losses; vol. 130% of 3-mo. daily avg. at 11:36am CET * NOTE yday: Liberty Ziggo Bid May Well Succeed, Deal Makes Sense: Analysts * NOTE yday: Liberty, Ziggo Target Cost Cuts of EU160m/Year by 2018
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To contact the reporter on this story: Blanche Gatt in London at +44-20-7392-0351 or bgatt@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net