The MásMóvil takeover bid, at 11.17 euros per share (with a 27% premium over the last six months of trading) was announced on March 28. It involves the payment of almost 2 billion euros, as it is a full cash transaction. The success of the takeover bid – conditional on 75% of capital – seems guaranteed, as 52% of Euskaltel’s capital has already expressed its intention of accepting the offer.
MADRID | The Corner | In one of the best symptoms of economic recovery, companies are leaving risk aversion behind and buying others to grow. In the first six months of the year, M&A operations reached $1.75 trillion worldwide, 75% more than during the same period of 2013. The pharma sector is in pole position, with multiples reaching 21.3x PE globally vs. 16.1x in 2013, and 4 of the 10 largest operations announced for 2014. According to JP Morgan, if we annualize 1S volume, operations could total $3.642 trillions by the end of the year.
MADRID | The Corner | Spanish telecom giant Telefónica closed the sale of its subsidiary Telefónica Ireland to Hong Kong’s Hutchison Whampoa Group (HWG) for €850 M ($1.2 billion). HWG is also known for its mobile firm Three, the fourth operator in Ireland. Antitrust authorities, which have been expressing their concerns about how this operation might impact on the country’s competition, have now given green light to one of the country’s largest ever telecoms groups.
By Julia Pastor, in Madrid | 60,000 professionals and 1,500 companies from more than 200 countries (86 of the participating firms are Spanish) gather since Monday and for a further week in the Mobile World Congress MWC held in Barcelona. It is the seventh meeting edition hosted by the Spanish city, and the first one since Barcelona was awarded the title of Mobile World Capital last July, an honour that…