|Bid||130.86 x 0|
|Ask||130.90 x 0|
|Day's Range||128.42 - 131.40|
|52 Week Range||122.22 - 188.46|
|Beta (3Y Monthly)||1.30|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.08 (6.12%)|
|1y Target Est||2.01|
Italy's biggest phone group Telecom Italia is set to announce on Friday a deal with rival Vodafone to merge their tower infrastructure and jointly deploy fifth generation mobile technology in Italy, a source close to the matter said. The source said an extraordinary board meeting of Telecom Italia (TIM) had been called for July 26 to approve the deal. The tower infrastructure merger will give TIM and Vodafone equal share-holdings and governance rights in INWIT, the mast group 60 percent owned by Telecom Italia, without either group having to launch a tender offer on INWIT's remaining shares.
Bristol-Myers Squibb Co., Vodafone Group PLC, Iron Mountain Inc. and Molson Coors Brewing Co. have declined to their respective three-year lows Continue reading...
(Bloomberg) -- Vodafone Idea Ltd. has hired Bank of America Corp. and Morgan Stanley to help sell its fiber assets as India’s largest mobile carrier by users seeks to bolster its finances, people familiar with the matter said.The bankers will initiate discussions with potential buyers for the fiber assets, which could be valued at as much as 130 billion rupees ($1.9 billion), the people said, asking not be identified as the talks are private.A final decision has yet to be made on the valuation and the stake to be sold, and the company could bring in more banks for the sale, the people said. Representatives for Vodafone Idea and Morgan Stanley declined to comment, while a Bank of America spokesman didn’t immediately respond to requests for comments.A deal, if successful, would help the phone-service provider add to the funds it’s been raising to pare debt and fend off rivals Bharti Airtel Ltd. and billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd., an upstart that upended the market after its debut in 2016. In April, Vodafone Idea raised 250 billion rupees from a rights issue, building a war chest as India readies for a 5G network.Vodafone Idea, which was formed by the merger of Vodafone Group Plc’s local unit with tycoon Kumar Mangalam Birla’s Idea Cellular Ltd., has reported losses in every quarter since the deal was announced in 2017.Both Bharti Airtel and Vodafone Idea top the list of Asian peers with highest borrowings, according to data compiled by Bloomberg.Mumbai-based Vodafone Idea is in the process of transferring all of its fiber assets into a separate company before the sale. The unit has about 158,000 kilometers (98,177 miles) of fiber, according to a presentation posted on its website in February.Shares of Vodafone Idea fell 5.4% on Thursday, the biggest drop in almost two months. The stock declined 50% this year, while India’s benchmark Sensex index rose 7.8%.(Updates to add shares performance in the final paragraph.)To contact the reporters on this story: Baiju Kalesh in Mumbai at firstname.lastname@example.org;P R Sanjai in Mumbai at email@example.comTo contact the editors responsible for this story: Fion Li at firstname.lastname@example.org;Sam Nagarajan at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
BRUSSELS/LONDON (Reuters) - Brussels gave its blessing to Vodafone's $22 billion purchase of Liberty Global's cable networks in Germany and central Europe, clearing the way for the British company to become Europe's largest mobile, broadband and TV provider. The deal is the standout move by Vodafone in its bid to become a provider of superfast broadband and pay-TV, rather than just a pure mobile provider. The strategy, launched by former CEO Vittorio Colao, is designed to increase customer spending and deepen user loyalty.
BRUSSELS/LONDON, July 18 (Reuters) - Brussels gave its blessing to Vodafone's $22 billion purchase of Liberty Global's cable networks in Germany and central Europe, clearing the way for the British company to become Europe's largest mobile, broadband and TV provider. The deal is the standout move by Vodafone in its bid to become a provider of superfast broadband and pay-TV, rather than just a pure mobile provider.
Vodafone has won approval from Brussels for its €19bn purchase of Liberty Global assets in Europe, opening the door for further consolidation in the region’s telecoms industry. The European Commission cleared the takeover of Liberty’s German and eastern European cable networks on Thursday after Vodafone offered concessions to ease competition concerns.
Vodafone said on Tuesday it was launching 5G services in Germany, taking on Deutsche Telekom by offering cheaper deals and reaching more cities than the market leader that went live last week. Vodafone, which has already launched limited 5G services in its British home market, is switching on 5G antennae in 20 German towns and cities - a figure that Deutsche Telekom only expects to reach next year. "We are democratising 5G," Vodafone's Germany chief Hannes Ametsreiter said in a statement.
Vodafone, Australia's third-largest telecom operator, has agreed to refund the wronged customers and accepted that it made misleading claims about its third-party direct carrier billing service, the Australian Competition and Consumer Commission (ACCC) said in a statement. "Through this service, thousands of Vodafone customers ended up being charged for content that they did not want or need, and were completely unaware that they had purchased," ACCC Chairman Rod Sims said. The digital content that could be bought with as little as one or two clicks was marketed and provided by third parties who paid Vodafone commissions for sales.
Moody's Investors Service ("Moody's") has today changed to negative from stable the outlook of Telecom Italia S.p.A. ("Telecom Italia" or "the company"), the leading Italian integrated telecommunications provider. Concurrently, Moody's has affirmed the company's Ba1 corporate family rating (CFR), Ba1-PD probability of default rating (PDR), and the ratings of all debts issued (or guaranteed) by the company, and all supported debts within its family of issuers, including the Ba1 senior unsecured ratings and (P)Ba1 MTN program ratings. "The change in outlook to negative reflects our expectation that Telecom Italia will continue to operate in a very competitive environment and with sustained high leverage, in spite of management's strong commitment to reduce debt.
Vodafone's chief executive and finance boss have voluntarily cut their share bonus awards by 20% to reflect the poor performance of the mobile operator's stock over the last year, during which it cut its dividend for the first time. CEO Nick Read, who took the top job in October, will give up about 972,000 shares, worth 1.28 million pounds ($1.60 million) at Wednesday's share price. After the cut, he will be awarded 3.89 million shares in the 2020 incentive plan, worth 5.1 million pounds, the company said.
The telecoms company maintained its dividend for the year to March and promised to match that this financial year. Jan du Plessis, chairman of BT, told investors at the company’s annual meeting in London that it remains confident it can meet this year’s payment.
Italy's biggest phone company, Telecom Italia (TIM), plans to extend 5G services to six more Italian cities as well as dozens of tourist spots and business hubs by the end of the year. TIM has already begun 5G services in Rome, Turin and Naples, is testing them in southern cities of Matera and Bari and plans to move next in Milan, Bologna, Verona and Florence by year-end. The group plans to cover 120 Italian cities within two years, or 22% of the population, it said in a statement.
Vodafone switched on its 5G network in seven British cities on Wednesday, aiming to set itself apart in its home market from rival EE by offering unlimited data plans that include the high-speed service at no premium. Nick Jeffery, chief executive of Vodafone UK, said offering unlimited data plans to both consumer and business customers would revolutionize the mobile market. Jeffery said Vodafone had examined how consumers used their devices and how it managed its network, including the efficiencies offered by 5G technology, before deciding to switch to unlimited data plans.
(Bloomberg) -- Vodafone Group Plc switched on the U.K.’s second 5G wireless network on Wednesday, kicking off a commercial battle with dominant rival EE that could shape a decade of sales.The technology’s faster download speeds and more reliable connections give the first movers an opportunity to snatch a bigger share of a saturated market. Back in 2012, EE -- now owned by BT Group Plc -- launched 4G services almost a year ahead of the pack, an edge that cemented its position as the U.K.’s largest mobile carrier.Vodafone isn’t making the same mistake again. Its 5G service went live in seven cities just a month after EE’s launch, giving both companies a chance to grab business with early adopters. Britain’s other two mobile networks -- CK Hutchison Holdings Ltd.’s Three U.K. and Telefonica SA’s O2 -- aim to offer 5G by the end of the year.Britain’s mobile price war looks set to continue in the 5G era: Vodafone said Wednesday it would set prices according to connection speed rather than the amount of data consumed, and won’t charge a premium for 5G.“We’ve decided it’s time for the U.K. to be unlimited,” said Vodafone’s consumer director Max Taylor.The stakes are arguably higher now than when 4G was launched. Europe’s phone industry has been stagnating for several years, partly because handsets have become more expensive and offer fewer appealing features with each upgrade. That’s dampened an important source of revenue for the network operators. 5G marks a rare boost in power and speed.“5G is a massive opportunity for the smartphone sales business of operators like Vodafone,” said Canalys analyst Ben Stanton by email. “For the first time in a decade, customers will be compelled to upgrade both their device and their tariff at the same time.”EE has plastered 5G ads across big cities and enlisted rap star Stormzy in its biggest ever marketing effort, a spokesman said. It offered 5G connections at the five-day Glastonbury music festival, where Instagram-happy smartphone users gobbled up 104 terabytes of data, 1,000 times more than at the same event in 2010, according to EE.5G gives Vodafone a chance to reset its brand after a period of intense customer complaints and cancellations that peaked in 2015, said Ben Wood, an analyst at CCS Insight. Vodafone poached Taylor in March from EE, where he was head of marketing.“If you can associate your network brand with being the best for 5G then that’s going to be a big leg-up on your rivals,” said Wood.Huawei RisksEE and Vodafone aim to reach more than 15 urban centers by year end. The networks can handle far more data than 4G and could end up being 100 times faster, pushing down operating costs.Yet the commercial opportunity is still clouded in uncertainty.All the U.K. carriers are rolling out hundreds of 5G radio antennas supplied by Huawei Technologies Co., before the government has decided whether to restrict the Chinese vendor over concerns that its 5G systems are vulnerable to espionage or disruption. If it does, the companies could have to replace Huawei gear with equipment from alternative suppliers.The U.K. is the biggest European market so far to offer competing 5G services. Two Swiss networks, Sunrise Communications Group AG and Swisscom AG, began theirs earlier this year.(Updates first paragraph with network going live, adds detail on pricing.)\--With assistance from Nate Lanxon.To contact the reporter on this story: Thomas Seal in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Rebecca Penty at email@example.com, Thomas PfeifferFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A group of banks is set to lend Telecom Italia unit INWIT up to 2.5 billion euros ($2.8 billion) to help it merge its towers with those of Vodafone, two sources said. Telecom Italia (TIM), which controls 60% of INWIT, agreed with Vodafone in February to study the idea of combining their 22,000 telecom masts in Italy in a single unit. UniCredit, Intesa Sanpaolo, Mediobanca, Goldman Sachs and BofA-Merrill Lynch are among the banks finalising the bridge-to-bond loan but other lenders could join the deal, the sources said.
A group of banks is set to lend Telecom Italia unit INWIT up to 2.5 billion euros ($2.8 billion) to help it merge its towers with those of Vodafone, two sources said. Telecom Italia (TIM), which controls 60% of INWIT, agreed with Vodafone in February to study the idea of combining their 22,000 telecom masts in Italy in a single unit. UniCredit, Intesa Sanpaolo, Mediobanca, Goldman Sachs and BofA-Merrill Lynch are among the banks finalizing the bridge-to-bond loan but other lenders could join the deal, the sources said.
Garrod is moving from Vodafone to Greensill, amid a flurry of recent personnel activity at the supply-chain company.
Many investors define successful investing as beating the market average over the long term. But if you try your hand...
(Bloomberg Opinion) -- An unnecessary and misguided economic split at the heart of Europe, driven by populist politics and trade spats. Nope, this isn’t Brexit, it’s the bitter diplomatic standoff between Switzerland and the European Union. The small Alpine republic is at diplomatic loggerheads with its biggest trading partner over how to renegotiate and repackage the swathe of bilateral agreements that binds the Swiss economy to the bloc without it being a member. Brussels wants clearer terms of how Switzerland accesses the single market and for the country to offer more freedom of movement for EU citizens. Bern is trying to balance these demands against local anxieties about sovereignty, immigration, and the related fear about the pressure on wages and social services that might come with more migrant workers. The Brexit parallels have not been lost on Brussels, which wants a speedy resolution above all.After years of negotiations and foot-dragging by the Swiss, EU officials now want to get the talks wrapped up before the new European Commission is formed in November (indeed, before the next deadline for Britain’s departure on October 31st). So they’re stepping up hostilities.Brussels says that, given the snail’s pace of the negotiations, there’s no reason to keep recognizing Switzerland as an “equivalent” financial market to the EU, or one whose rules and supervision are deemed sufficiently close to the bloc’s. In a nutshell, this means it wants to force EU investors to trade Swiss stocks on EU soil only. Imagine the potential impact on shares in Nestle SA, where about 72 percent of its trading turnover is done on Zurich’s SIX market, according to data from Fidessa, a trading tech company.Trying to take a stock market hostage is never a good idea, although in this case it’s more likely to trigger confusion than widespread disruption. Switzerland yesterday launched retaliatory measures, demanding that Swiss stocks be traded on Swiss soil. Law firms say this should create a kind of loophole, which should let EU banks and investment funds keep buying and selling shares in Zurich. Even if this works out, it will be a cumbersome fix. Longer term, investors may have doubts over liquidity and political risk on the Swiss stock market.This sends a dismal signal on Brexit, too. Brussels recently threatened a similar punishment for the U.K. if it crashed out of the bloc without a withdrawal deal, warning that EU investment firms would have to trade British giants like Vodafone Group Plc on EU territory. Only the threat of tit-for-tat measures from U.K. regulators got the Commission to dial things down. By weaponizing this topic again just a few months before the next Brexit deadline, Brussels has sent a message to Westminster: The Swiss model so admired by Britain’s Brexiters is vulnerable to strong-arm tactics.The fact that this is all politically driven makes it hard to guess what happens next. As bad as the EU’s behavior is, it’s possible that the pressure tactics will shake the Swiss into finalizing a deal. But the injection of politics into issues like market access is becoming an all-too regular feature in Europe and won’t help the continent’s attractiveness to investors. Last year, the chairman of the U.S. Commodity Futures Trading Commission Chairman threatened to cut off EU banks from U.S. exchanges because of new regulations that he deemed overly intrusive.The Commission president Jean-Claude Juncker warned Switzerland last year that if a deal wasn’t wrapped up soon, things “might get rough.” He’s been true to his word. The net result feels like a loss for all concerned.To contact the author of this story: Lionel Laurent at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- A former UBS Group AG compliance officer and her friend were sentenced to three years for insider trading after a London trial that featured accounts of champagne-fueled parties, burner phones and evidence stashed in a Chanel handbag.Ex-UBS employee Fabiana Abdel-Malek, 36, and day trader Walid Choucair, 40, were sentenced Thursday in London, with a judge saying that they will serve half the term in prison. After tearfully hugging her family, Abdel-Malek was taken into custody by guards. Choucair, wearing a tracksuit and looking distraught, followed her.The ruling caps an eight-week trial filled with details of lavish nights out in one of the city’s most exclusive nightclubs, and a network of traders who only spoke on burner phones. Abdel-Malek was accused by the Financial Conduct Authority of passing tips from confidential UBS databases to Choucair, who would use the data within minutes.Judge Joanna Korner called Abdel-Malek a “gamekeeper” who used bank materials to become an “accomplished poacher.”“It’s clear to me that you enjoyed and made full use of entry into the rather louche lifestyle that was being led by Choucair,” Korner said Thursday. “There is no question that both of your actions were deliberate” and dishonest.Breach of TrustThe FCA had a lot riding on the case, its first prosecution in 2 1/2 years. The agency compiled a detailed timeline of the communication and movements of Abdel-Malek and Choucair, but didn’t present evidence that Abdel-Malek profited from the relationship.“You Walid Choucair did corrupt Fabiana Abdel-Malek into committing these offenses and you were the one who in the end received the money,” Korner said. “But you Fabiana Abdel-Malek committed a gross breach of trust which I have already said will affect the reputation of UBS. ”The defense accepted most parts of the prosecution’s case: that Abdel-Malek looked the deals up, that she texted him from her desk and that he traded the same stocks she was looking up. But Abdel-Malek and Choucair fiercely disputed what they discussed as well as denying that they met at times when the prosecution alleged Abdel-Malek told him about deals.The case was a rerun of hearings last year that resulted in a hung jury.Platonic RelationshipThe relationship between the pair -- with what prosecutors alleged was her access to confidential documents and his glamorous life in London -- was the focal point of the trial.In 2005, Choucair, the London-born son of a successful Lebanese construction entrepreneur, started betting on market rumors about upcoming mergers and acquisitions. He met Abdel-Malek after his mother ordered curtains for his apartment beside the Royal Albert Hall from her mother. Years later, when they rekindled a platonic relationship, Abdel-Malek was six years into a promising career as a UBS compliance officer, but still living at home with her parents and two sisters in West London.In spring 2013, Choucair bought Abdel-Malek a pay-as-you-go BlackBerry, identical to the model she used at work. Every few months he gave her a new Sim card. When UBS upgraded Abdel-Malek’s handset, Choucair again bought her the same model. Choucair testified that their communications were purely social, but that he was worried it would tarnish Abdel-Malek’s image if UBS found out they were speaking. The prosecution said it was to hide that she was feeding him tips."It is the use of these phones which illustrates just how carefully planned this scheme was," Korner said, adding that she believed that part was Choucair’s idea.Champagne at TrampEvery several weeks or so, Choucair spent thousands of pounds on three-liter bottles of champagne at Tramp, a celebrity haunt in Mayfair he’d been going to since 2001. Choucair often invited Abdel-Malek, her friend and her sister to the exclusive establishment. She could only get in by invitation from a member, like Choucair.Though Abdel-Malek said she barely drank, the prosecution said the glamorous allure of Tramp was enough of a motive for her to betray her employer’s confidence. She denied that, testifying that she wouldn’t risk throwing her career away for a couple of glasses of champagne.With Abdel-Malek’s help, the prosecution said, Choucair traded on large corporate merger talks, including Vodafone Group Plc’s $10 billion bid for Kabel Deutschland AG in June 2012. The pair were indicted over five trades, though, in the absence of the jury, the prosecution said that it suspected her of leaking information on 30 deals in that year.The investigation started in June 2014, when an officer of the U.K.’s National Crime Agency spotted Choucair talking with a trader named Alshair Fiyaz, at London’s Four Seasons Hotel, lawyers for the FCA and Choucair said during the trial.Choucair testified that he didn’t count on Abdel-Malek for information, but relied on a loose group of traders such as Fiyaz, a man wealthy enough to buy billionaire Roman Abramovich’s superyacht and own a polo club in St. Tropez.After the trial, Fiyaz’s lawyers dismissed Choucair’s allegations, saying that their client has never been under investigation by the FCA “or any other authority.’’“Mr. Fiyaz vehemently denies any reported claims designed to portray him as a trader engaged in unethical practices,’’ his lawyers at Lewis Silkin said in a statement. “He is a highly respected businessman and philanthropist who has worked extremely hard in order to achieve success in his professional life.’’Fiyaz wasn’t accused of wrongdoing, but towards the end of the trial, the FCA revealed that they had limited information that suggested that an intermediary of Fiyaz may have spoken with a “source” with access to confidential information at Citigroup Inc.Fiyaz’s lawyers said that at no time has he “been questioned, charged or convicted in relation to financial misconduct of any kind in the U.K. or any other jurisdiction.” The bank declined to comment.Choucair also said he had a close relationship with journalists, particularly Bloomberg’s former head of deals reporting, Jeff McCracken, whom he said he spoke with several times a week.Choucair said he fed McCracken tips with the hope the journalist would confirm them with legitimate sources. If McCracken broke a story and a company’s share price jumped, Choucair and his trading associates could sell their investments at a profit. McCracken, who joined CNBC in 2017, wasn’t accused of wrongdoing and declined to comment.(Updates with defendants’ reaction in second paragraph.)To contact the reporter on this story: Franz Wild in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Aarons at email@example.com, Christopher ElserFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Vodafone is set to secure EU antitrust approval for its $22 billion bid for Liberty Global's cable networks in Germany and central Europe after offering concessions in May, people familiar with the matter said on Wednesday. Vodafone, the world's No. 2 mobile operator, is looking to the deal to help it better compete with German market leader Deutsche Telekom. It offered to strengthen rival Telefonica Deutschland by giving it access to its merged high-speed broadband network after the European Commission said the deal may reduce competition in Germany and the Czech Republic.