Patrick Drahi would have considered buying the first Dutch operator before changing his mind. KPN denies.
The frenzy that gripped the European telecom market does not calm down, quite the contrary. Reportedly, Altice, the troublemaker of the sector which has announced a major acquisition in the United States would, at the same time, decided not to bid on ... KPN, the Dutch incumbent of unknown that it could be on display. According to a source close to the case, the operation would have been studied extensively but Patrick Drahi would finally given, finding the price too high. Note that the group was studying simultaneously folder as Suddenlink, the US cable that has just bought for $ 9.1 billion. The choice to abandon KPN would have no connection with this transaction, the remaining group clearly ready to pounce on attractive assets in Europe.
On the side of Altice, we will not comment on information even if the word unofficial order is clear: the group looks at all the files.
KPN, the denial is categorical: "There is no meeting or written exchanges between Altice and KPN," said Duco Sickinghe, Chairman of the Board of Directors of KPN. "Altice has already publicly indicated his interest in KPN in the past but have never had access to our accounts and have not made the request."
Carlos Slim wants out
The information falls while the telecom titan Carlos Slim announced the massive sale of bonds convertible into KPN shares. As a reminder, the Mexican giant still not digested the failure of his attempt to buy the Dutch operator, blocked at the last minute by an internal foundation. Rose to 28% stake, Slim has since reduced its stake, to just over 20%. A critical threshold "since if it goes below that, it will no longer qualify for a seat on the board," said one analyst.
Others would like to go
Altice was not the only group to have considered a takeover of KPN: at the beginning of the year, Reuters and Deutsche Telekom had announced that he, too, study the option before giving up. "Given the political sensitivities that have worked against Carlos Slim, the scenario of a European buyer is the most credible," added the analyst, who wished to remain anonymous. In the opinion of all, Deutsche Telekom is the natural candidate, with the advantage that the management of KPN least fear for his position (Altice reputation scares more than one).
Remains an operation of this scale might sting Stéphane Richard (Orange, also present in the Netherlands) to the quick and encourage them to bid or to buy assets in other markets.
Note also that the world's No. 1 mobile, Vodafone, too, has a presence in the Netherlands and could be interested in the asset. An operation that would make following the acquisition of the Spanish cable Ono, and could easily be financed through cash mattress obtained from the sale of its stake in Verizon Wireless. Unless the Group decides to keep its funds to directly afford Liberty Global, that its CEO, John Malone, also seems to appeal his wishes.
Negotiated at the same time as the acquisition of the US Suddenlink cable, the operation was finally aborted, Altice who considered asset prices too high.
KPN claims not to have had any formal contacts with Altice.
If KPN is not officially for sale, the Mexican Carlos Slim shareholder seeks to reduce its participation.
Deutsche Telekom has already approached KPN earlier this year for redemption.