Banc Sabadell | In an interview granted by Anne Bouverout (current Chair of Cellnex (CLNX), after the departure of Bertrand Kan as a result of the intervention of TCI) the executive has issued the following messages concerning the Company:
▪ She considers that Cellnex is not vulnerable to a takeover bid and that if there has ever been such a perception it was the result of the uncertainty derived from the CEO replacement process and the sharp fall in the stock market,
▪ Highlights the unity of the board and the unanimity of the board in the election of Marco Patuano as the new CEO,
▪ Reiterates the focus on the strategy of achieving Investment Grade, reducing financial cost and increasing shareholder return, and finally,
▪ Clarifies that this strategy does not imply renouncing growth via acquisitions although not in the short term. She sees the Company once again as a consolidator in the sector in four or five years’ time once the assets now in the hands of private equity return to the market.
Assessment:
Unsurprising messages that should have no market impact. In relation to the Company’s vulnerability, the probability of this occurring (there was even talk of a possible interest from American Tower in acquiring more assets in Europe) will depend to a large extent on the level of Cellnex’s share price and the evolution of financing costs. It should be recalled that the main shareholders are TCI (9.4%) and Edizione (8.2%) and that ~42% of the capital is in the hands of shareholders with relevant stakes (although mostly of a financial nature), the rest being free float.
