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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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[Homework]2013-06-30&07-02 沃达丰欲77亿欧元收购德国Kabel

本帖最后由 ESQUIRE 于 2013-7-3 23:28 编辑

A: Mobile is extremely vulnerable; particularly you don't have access to your own fixed lines and this will give them a fixed line to carry about 40 percent of traffic they do in Germany.B: So they get it right, they will be doing mobile phones, line-line phones,broad bands and tv.
A: The quadruple  plan,  what the players in the market found is that the churn factor, or the customers moving to other providers can be cut by as much as 60 percent if you move from one product to 4 products. That is what is all about mobile penetration, phone penetration is whatever 100 percent in developed economies. It's all about slowing that churn to preserve your revenue in cash...
B: Is that because consumers say oh, well i may have the nerve and appetite to change my phone provider but  can i really take the risk and change everything all at once?
A: yes that's absolutely right and that's precisely why mobile is so vulnerable because all of us..we change our mobile far more often than we change our fixed line. It doesn't require anyone to drill hole in a wall, put satellite dish upon on our roof, all those,we just go to the shop and is good to me that someone offers me an alternative package. Vodafone, without this type of deal, and similar deals that are in the UK and New Zealand, is extremely vulnerable.
B: Right. So we can see what Vodafone gets itself.  What about German consumers? Germany is rich and vibrant economy. Are the consumers are ready for a deal like this?
A: Well, they are. It is a convenient factor, but of course Kabel Deutschland  is not agreeing  to sell itself primarily for the benefit of German consumers. i mean, there is a number of management not just very senior but probably the top 30 or so. Directors  are extremely well  incentivized to sell this company at the right price. And it looks very attractive...
B: I picked my way through the press releaser, not only are they well incentivized to sell it but under the terms of the deal many will stay.
A: Well, that is right..
B: so they get bonus and they keep their jobs...
A: Well, absolutely. The beautiful thing about the option package  they charge under it all depends on by how much you outperform your peer group and of course after a period of bits speculation which as you mentioned liberty has  been involved as well as Vodafone. That out-performance of peer group is about as wide as they're gonna get, so that's the maximum number of shares they can probably get. Had they got it earlier, they wouldn't have done, so  It's win-win ...
B: 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 share price tonight, Kabel share price is about 85 euros. That's below the offer price so, that will tell me that the market doesn't believe the counter-bid is coming.
A: this is smart move for Vodafone and it is defensive move because they have to make it but they know KPN and Telephone of Deutschland are in background they love to do this but they haven't got balance sheet. I may know the Liberty is tied up with the Virgin media deal and they are not really in a position to do anther one to offer the all cash deal that Vodafone can make available, so timing is precipitous for Vodafone. It is great time to get in and to keep the competition at a bay
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