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[商业新闻] 【整理】2013-06-30&07-02 沃达丰欲77亿欧元收购德国Kabel

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Mobile is extremely vulnerable; particularly you don’t have the access to your own fixed lines. And this will give them a now fixed line to carry about 40% of the traffic we’ll do in Germany.

So, if they get it right, they will be doing mobile phones, line-line phones, broad bands and TV.

The quadruple plan. What the players in the market had found is that the tune factor or the costumers are moving to other providers can be cut by as much as 60% if you move from one product to four products. And that is what it’s all about, mobile penetration, phone penetration is whatever 100% to develop the economy. It’s all about slowing that tune to preserve you revenues in cash.

Is that because consumers said, oh well, I may have the nerve or the appetite to change my phone provider. But can I really take the risk and change everything all at once?

Yeah, that’s absolutely right. And that’s precisely why mobile is so vulnerable because all of us will change our mobile phone far more often than we change our fixed lines. It doesn’t require you, you won’t drill a hole in the wall, put a satellite  dish on our roof. All those we need is go to the shop and I just go to meet someone offer me an alternative package. So, photo phone without this type of deal, and similar deal is that it started in U.K. and New Zealand. It’s extremely vulnerable.

Right, so we can see what voter gets out. What about the German consumers? German is rich in vibrant economy. Are the consumers ready for a deal like this?

What they are, and it is a convenience factor. But of course, Kabel Deutsch isn’t agreeing to sell itself. Probably for the benefits of the German consumer. I mean there is a number of managements, not just the very senior, but probably the top 30 or so, the directors here were extremely well incentivized to sell its company at the right price. And it looks a very attractive deal.

I pick my way through the press release. Not only are they well incentivized to sell it, but under the terms of the deal many will stay.

Well, that’s right.

So, they get the bonus and they keep their jobs.

Well, absolutely. And the beautiful thing about the option package is they are charged under it. It’s all depends on by how much you would outperform your peer group. And of course, after a pair of beats speculation in which, as you mentioned, liberty had been involved as well as photo phone, that outperformance of the peer group is about as why he is all gonna get. So this is the maximum number, Michelle, they can probably get. How many they get them earlier, and they would have done. So it’s a win-win for them.

It’s three lemons on the machine for them. What about the possibility of a counter bid? I did read that, but if you look at that share price tonight, Kabel share price is about 85 euros. That’s below the offered price. So that would tell me that the market does not believe that a counter bid is coming.

This is a small move from both but it’s a defensive move that they have to make it. But, they know the KPM and Telephonica Deutschland are in the background. They’d love to this. But they haven’t got the balance sheet. And they know that liberty is tied up with the merging media Dior and they are not really in a position to do another one to offer the old cash, the offer that Vodafone can make available. So timing is precipitous about Vodafone. It’s a great time to get in and keep the competition at bay.
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