Member Info for Curtin

67.0p please Roofer

Press release 20/12/2024

Swisscom has received clearance for the acquisition of Vodafone Italia from both the Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato) and the Ministry of Enterprises and Made in Italy (MIMIT). This paves the way to the creation of a leading converged challenger in Italy, as all competent authorities approved the transaction.

On 20 December 2024, the Italian Competition Authority cleared the transaction and accepted behavioural commitments proposed by Swisscom. These include the continued provision of wholesale services to interested operators in line with Fastweb's current practice and the sharing of information in any public tender for fixed telephony and fixed connectivity services issued by the public administration, where Fastweb or Vodafone Italia is the current supplier. An independent monitoring trustee will ensure that the commitments are honoured. The commitments apply for 3 years.

Green light from MIMIT

The Ministry of Enterprises and Made in Italy (MIMIT) also approved the transaction by clearing the change of control over Vodafone Italia as holding entity of spectrum licenses. The unconditional clearance by MIMIT occurred on 19 December 2024 after acknowledging the favourable opinions given by the Italian Authority for Communications and the Italian Competition Authority.

The combined entity resulting from the transaction will leverage Fastweb's and Vodafone Italia's high-quality fixed and mobile infrastructures, competencies, and capabilities to deliver substantial benefits to Italian consumers and businesses.

Swisscom expects the transaction to complete by Q1 2025.

Media Relations

media@swisscom.com

70.2p for me please Roofer, if I am still on time

73.5p for me please Roofer

Something is going on.. stock price recovering

The Liberty buy is interesting. Liberty is known for creating value for its shareholders not by distributing dividends, but by increasing the value of its investments (as it did when it sold its German operations to Vodafone). I don’t think Liberty will significantly increase its stake, but it could mitigate the negative impact of the current major shareholder, that seems completely indifferent to stock price movements.

KewRow you are right, it is worse than nonsensical, it is intentionally misleading, precisely because Vodafone recognized already on May 14 (see the article you mention) that the new regulation would have a significant impact.

That information should already be incorporated in the current prices.

Reiterating the same bad news again and again is a typical technic used for coordinated attacks.

I know the main subject here is Guttersnipe.

Sorry for introducing a different one.

I think it makes sense to buy back notes expiring in 2037 and 2043, if one thinks interest rates will go down. I do not understand why Vodafone is also buying notes expiring in 2025. Anyway, this decision should impact positively on the stock price; probably the price movement yesterday was a consequence of Beremberg’s nasty (and in my opinion rather nonsensical) comments…

According to Reuters Germany's network agency Bundesnetzagentur decided not to give new frequency usage rights to mobile phone operators at an auction normally worth billions of euros, according to a draft presented by the regulator on Monday.

Instead, it decided to extend existing frequencies for five years as it wants mobile operators to improve their current network infrastructure, especially in rural areas, where mobile phone connectivity is not that widespread.

Now members of business and research communities as well as the general public will have until early July to express their opinions on the draft before it gets a final approval in the autumn.

71.77p for me please

Thank you ValueS. Now I've found it.

ValueS could you please mention the source?

The latest target price revision I can find dates back to March 19 (Barclays cuts tp to 85p).

May 2 (Reuters) - Swiss telecoms group Swisscom said on Thursday its takeover of Vodafone Italia is on track and expected to be completed in the first quarter of 2025.

In my opinion, the current restructuring strategy is correct.

Concerning the merger, the UK business accounts for 15% of total Vodafone revenues; I guess that its share as a proportion of Vodafone entity value is similar. Let’s say that the merger can improve the value of the UK business by 20%: the entity value of Vodafone should increase by 3%, give or take.

In this regard, the decision concerning the merger does not look like a major issue, considering that other parts of the restructuring process (Italy and Spain) are well underway. Besides, the merger is not without risks; for instance, one should not underestimate the rhetoric against anything that has a link with China.

Apparently the uk regulator suggests that Vodafone and Three are viable and competitive businesses and would continue to invest absent the merger.

As usual E& is playing with us... it's a real pain in the neck

70.2p for me please Roofer

The last presentation says “FY24 total ordinary dividend expected to be maintained at 9.0c per share and ordinary dividend to be rebased to 4.5c per share from FY25 onwards”. As jesteh pointed out, that means that the next dividend should still be 4.5c.

71p for me please Roofer

70.01 for me please Roofer