Vivendi boosts shareholder credentials in GVT sale

August 28, 2014

The French media group says it favors Telefonica’s $10 bln bid for its Brazilian mobile unit. Telefonica could pay more, but it’s good that Vivendi has chosen the surest exit for shareholders. As for rival bidder Telecom Italia, it now faces an uncertain future.

Carlos Slim may drive KPN to poison

June 6, 2012

The Dutch telecoms group is scrambling to dodge what it sees as a takeover-on-the-cheap from the world’s richest man. It seems to want to do a deal in Germany that’s been talked about for years. But counterpart Telefonica isn’t ready to trade. KPN might resort to poisoned pills.

Spain’s bosses need an internal devaluation

July 20, 2012

Austerity hasn’t yet caught up with the leaders of Spanish corporations. They typically make a multiple of their European peers, as do board members. Spanish shareholders might take a leaf out of the UK’s “shareholder spring”.

AT&T is all dressed up with nowhere to go

June 17, 2013

The telecom company had a $93 bln bid for Telefonica blocked by Madrid, according to a Spanish newspaper. The target has denied the story. But it’s a sign of the problem AT&T faces: a lofty stock multiple makes M&A tempting, but it seems shut out of both domestic and foreign deals.

Vivendi takes the plunge in Brazil

November 16, 2009

Vivendi  is making a bold statement in emerging markets by paying a hefty $4.18 billion for Brazilian telecom GVT. If combined with the sale of its 20 percent stake of NBC Universal, the move could help shake off its persistent conglomerate discount.