|Bid||124.42 x 0|
|Ask||124.48 x 0|
|Day's Range||124.28 - 126.00|
|52 Week Range||122.22 - 191.56|
|Beta (3Y Monthly)||1.28|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.08 (6.17%)|
|1y Target Est||2.01|
(Bloomberg) -- After racking up $59 billion of net debt to survive a brutal war in the world’s second-biggest phone-services market, some of India’s billionaires are bracing for more as their next battle looms: 5G.India seeks to raise $84 billion this year from a sale of airwaves -- most of it for the new technology tipped to revolutionize connectivity. That’s posing a conundrum for the carriers controlled by tycoons including Mukesh Ambani, Asia’s wealthiest man. Investment would mean more borrowings, but the reward could be revenue streams never seen before.Operators may soon decide how much more pain they can endure for a high-speed wireless network that can offer better user experience in streaming, gaming and entertainment in a market where Netflix Inc. to Amazon.com Inc. are making inroads. With applications ranging from manufacturing to education and health care, 5G could be the catalyst for India’s digital economy that has the potential to reach $1 trillion by 2025, according to a report by Deloitte.‘Competitive Parity’“Any player missing on the 5G service offering is likely to see erosion of market share,” said Alok Shende, a Mumbai-based principal analyst for telecom at Ascentius Insights. “There’s all the more case for maintaining competitive parity to remain in the game. Offering a forward path to customers is important.”Bharti Airtel Ltd. and Vodafone Idea Ltd., the two biggest carriers, didn’t respond to request for comments on their 5G plans, while Ambani’s Reliance Industries Ltd. said it won’t comment on the spectrum auction.While 5G offers potential in augmented reality, virtual reality, connected cars, autonomous drones, smart homes and cities, the real promise for a country like India lies in rural areas, said Prashant Singhal, global head of telecommunications at Ernst & Young.The technology could address some of the basic challenges due to lack of infrastructure in health care and education. For instance, an experienced surgeon in a major urban hospital can advise an in-theater doctor in a small town to perform a surgery over a real-time 5G connection or a holographic image of a teacher could be beamed to a classroom in a village, he said.Most of Asia’s largest wireless carriers are in the process testing 5G networks, with plans to introduce them commercially in 2020.World’s FirstSouth Korea’s SK Telecom Co. unveiled its 5G network for public use in April, calling it the world’s first such full commercial roll out. China issued 5G licenses to its three main operators earlier this month, raising the prospect of services starting as early as this year. India plans to deploy its own next year.The immediate challenge in India would be the investment needed for the network, which the Telecom Regulatory Authority of India estimates could be as much as $70 billion. That amount will further dent the finances of operators that are in the midst of efforts to pare debt piled over the past decade.“Spectrum pricing is too expensive in India and the telecom companies will have further stress in their balance sheets if they wish to participate in the upcoming auction,” Rajan Mathews, chief of Cellular Operators Association of India, the industry group representing the carriers, said in an interview Tuesday. “But they have an option of buying at a later date.”Deferred PurchaseIn India, successive governments running chronic budget deficits have relied on airwave auctions to replenish their coffers. If authorities don’t garner enough demand for the airwaves, they usually cut the price by as much as 40% in the subsequent round, according to Deepti Chaturvedi, an analyst at CLSA India Pvt. The preferred option may be to defer the purchase, she wrote in a note earlier this month.Despite a market with more than 1.1 billion subscribers, competition has driven data tariffs to less than a dollar for 1 GB -- the cheapest in the world. The monthly average revenue per mobile user is also among the lowest -- at about $2 -- compared with about $8 in China and at least $40 in the U.S.The environment got tougher after Ambani, 62, as part of his empire expansion, unleashed Reliance Jio Infocomm Ltd. in 2016 with free calls and even cheaper data. As a result, many incumbents retreated or merged. Reliance Communications Ltd., run by Ambani’s younger brother, is now facing bankruptcy. The consolidation has left three non-state carriers still standing, from about 10 four years ago: Jio, Bharti Airtel and Vodafone Idea.Bruised by Jio, which rolled out its network aggressively to acquire more than 300 million customers within three years, billionaire Sunil Mittal’s Bharti Airtel has run up a net debt of about $16 billion, while shoring up profits with one-time gains for at least four quarters in a row.Vodafone Idea, India’s largest carrier by users after Vodafone Group Plc’s local unit merged 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.However, unlisted Jio thrived, supported by the deep pockets of Ambani’s energy-to-retail conglomerate that has spent more than $36 billion to build the telecom unit. But the group’s net debt of almost $28 billion is also backed by cash and equivalents of $11.3 billion. In January, Ambani, said in a speech that his network is “fully 5G ready,” signaling spending will be relatively less.Globally, 5G spectrum auctions have witnessed “robust” participation, said Ernst & Young’s Singhal. Germany raised 6.55 billion euros ($7.3 billion) this month, more than the government’s highest estimate of 5 billion euros, while Italy got $7.6 billion last year, more than twice what authorities expected. If that trend is any indication, India’s auction may well turn out to be a success.“The prognosis for 5G in India is positive given the growing appetite for data, increasing digital transformation and the need to quickly adopt new technologies,” said Singhal. “It has the potential to transform lives and play a key role in socio-economic development.”\--With assistance from Santosh Kumar and Dave McCombs.To contact the reporter on this story: P R Sanjai in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Sam Nagarajan at email@example.com, Bhuma ShrivastavaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Over the past two decades, China’s Huawei Technologies Co. has come to dominate the global telecom equipment market, winning contracts with a mix of sophisticated technology and attractive prices. Its rise squeezed Europe’s Nokia Oyj and Ericsson AB, which responded by cutting jobs and making acquisitions. Now, with Huawei at the center of a U.S.-China trade war, the tide is turning.Nokia and Ericsson—fierce rivals themselves—have recently wrested notable long-term deals from Huawei to build 5G wireless networks, to enable everything from autonomous cars to robot surgery. Analysts say more could come their way as Huawei grapples with a U.S. export ban and restrictions from other governments concerned that its equipment could enable Chinese espionage.“Huawei will, for the foreseeable future, face a broader cloud of suspicion,” said John Butler, an analyst at Bloomberg Intelligence in New York. “Nokia and Ericsson are well positioned to benefit.”In May, the European companies both won 5G contracts from SoftBank Group Corp.’s Japanese telecom unit, replacing Huawei and Chinese peer ZTE Corp. Ericsson signed a similar pact in March with Denmark’s biggest phone company, TDC A/S, which had worked with Huawei since 2013 to modernize and manage its network.Other carriers, expecting government curbs on Huawei, have started removing its equipment from sensitive parts of their systems. BT Group Plc is taking Huawei out of its network core, and Vodafone Group Plc has suspended core equipment purchases from Huawei for its European networks. Deutsche Telekom AG, which has Huawei throughout its 4G system, is re-evaluating its purchasing strategy.Nokia and Ericsson are Europe’s final survivors of a merciless winnowing of more than a half-dozen telecom equipment providersAs dozens of phone companies—including those in Canada, Germany and France—plan to choose 5G suppliers in the coming months, Cisco Systems Inc. and Samsung Electronics Co. are also vying for deals. But the key beneficiaries of Huawei’s difficulties are likely to be the two Europeans, which compete directly with the Chinese company in supplying radio-access network equipment.Since last year, the Trump administration has pushed allies to bar Huawei from 5G, citing risks about state spying—allegations the company has denied. The move in May to block Huawei’s access to U.S. suppliers escalated the campaign. The company’s founder, Ren Zhengfei, now predicts the U.S. sanctions will cut its revenue by $30 billion over the coming two years.Outside the U.S., security concerns have led Australia, Japan and Taiwan to bar Huawei from 5G systems. The Chinese company also risks losing meaningful work in Europe and emerging markets where countries could follow with their own limits, according to Bloomberg Intelligence.Publicly, executives from Nokia and Ericsson have been careful not to come off as critical of Huawei. Both manufacture in China and sell gear to Chinese phone carriers, and Nokia has a big research and development presence there. Nokia says it has already been forced to shift some of its supply chain away from China to reduce the impact of tariffs imposed by the Trump administration.QuicktakeHow Huawei Became a Target for GovernmentsInstead of piling on Huawei, the European carriers have trumpeted their 5G successes, each using slightly different metrics. Ericsson claims it has the most publicly announced 5G contracts—21—while Nokia says it has raked in more commercial 5G deals than any other vendor (42). Huawei says it has signed 46 5G contracts. A spokesman for Huawei declined to comment further about its position relative to rivals.Ericsson is “first with 5G,” after building high-speed networks for companies such as AT&T Inc., Swisscom AG in Switzerland and Australia’s Telstra Corp., said Chief Technology Officer Erik Ekudden. “You see that in some markets that we are attracting more customers.”Nokia is winning 5G deals “quite handsomely,” Chief Executive Officer Rajeev Suri told Bloomberg TV on June 10.While Suri said more carriers are likely to swap out Huawei gear in countries that have announced restrictions, the situation is less clear in Europe. “We don’t know yet the impact of specific operator plans,” he said in an interview. “We also don’t know where this geopolitical thing will end up.”Nokia and Ericsson are Europe’s final survivors of a merciless winnowing of more than a half-dozen telecom equipment providers. Bloated costs, a cyclical marketplace, cash-strapped customers, and the relentless rise of Huawei—aided by access to generous Chinese state financing—helped push the likes of Canada’s Nortel Networks Corp. and Germany’s Siemens AG out of the industry.Nokia paid some $2 billion in 2013 to buy Siemens out of a joint venture established to compete against Ericsson and Huawei. Then in 2015, it spent another almost $18 billion acquiring Alcatel-Lucent to broaden its product offering after pushing through more than 25,000 job cuts in the preceding three years. Still, Huawei’s share of the $33 billion of sales in the global mobile infrastructure market surged to 31% in 2018 from 13% in 2010, IHS Markit data show.Huawei, despite its troubles, remains a potent rival. Many phone companies in Europe deem its base stations, switches and routers technologically superior. Fully excluding Huawei and ZTE from 5G would raise radio-access network costs for European phone companies by 40%, or 55 billion euros ($62 billion), the GSMA industry group predicts in an unpublished report seen by Bloomberg. Nokia and Ericsson would have to almost double production to absorb Huawei and ZTE’s business in Europe and could struggle to meet demand, the GSMA report says.Quicktake5G and EspionageBengt Nordstrom, CEO of telecom consultancy Northstream AB, says the situation is perilous for everyone in the industry, as vendors’ budgets could be hit if Huawei faces greater restrictions. “Many component suppliers are already in a tough situation,” Nordstrom said. “They need to spend a lot of money on research, and that means they need access to the entire global market.”For carriers, swapping vendors isn’t as simple as flipping a switch. It takes about two years to plan and implement such a technology shift and install the new equipment, Nordstrom said.Both Nokia and Ericsson are working to make it easier for carriers to switch. Nokia has developed what it calls a “thin layer” of its 4G technology to connect to a new 5G system, allowing a carrier to avoid a wholesale swap of another supplier’s equipment. Ericsson also has a solution to allow a carrier to swap out only a portion of existing infrastructure, and says it can make some areas work side-by-side with Ericsson’s 5G gear.Nokia and Ericsson can agree on one thing: Claims of Huawei’s technological superiority are overblown. They note that they’re involved in the latest networks in the U.S., where carriers are rolling out 5G faster than the Europeans.“We compete quite favorably with Huawei,” Suri said, “with or without the current security concerns.”(Updates to add Nokia and Ericsson production estimate in sixth-last paragraph. An earlier version of the story corrected the ninth paragraph to reflect that Telstra Corp. is an Australian company.)\--With assistance from Caroline Hyde, Kati Pohjanpalo and Angelina Rascouet.To contact the authors of this story: Stefan Nicola in Berlin at firstname.lastname@example.orgNiclas Rolander in Stockholm at email@example.comTo contact the editor responsible for this story: Rebecca Penty at firstname.lastname@example.org, David RocksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- SoftBank Group Corp. founder Masayoshi Son is trying harder than ever to convince investors of the potential for his many technology investments.At a general shareholders’ meeting in Tokyo on Wednesday, Son shared some predictions that were eye-popping even by the standards of the outspoken Japanese billionaire. The value of SoftBank’s investment portfolio could grow 33-fold to 200 trillion yen ($1.8 trillion) in 20 years, he said. That’s an annual growth rate of 19%. The numbers were so outlandish that Son had to add a caveat.“Let me be clear that this is not a business plan,” he said. “It’s a tall tale.”The gathering was SoftBank’s 39th shareholders meeting, with about 2,000 investors present. Son’s remarks drew laughs and even feigned outrage from directors. Fast Retailing Co. CEO Tadashi Yanai, who sits on SoftBank’s board and is Japan’s richest man, urged shareholders to look out for Son “or he will go out of control.”The billionaire’s projections include investments by the Vision Fund. But even bullish analysts have much more modest projections for that portfolio. Chris Lane of Sanford C. Bernstein recently estimated the net present value of the current and future funds at $50 billion to $85 billion.Son then reminded shareholders how 15 years ago at the very same auditorium he presented another seemingly improbable target -- SoftBank with 1 to 2 trillion yen in profit. At the time, the company booked over 100 billion yen in losses. Annual net income has exceeded 1 trillion yen for the past three years.Over that period of time, Son has expanded into wireless operations with the acquisition of Vodafone Group Plc’s Japan unit, acquired Sprint Corp. in the U.S. and launched the $100 billion Vision Fund to transform SoftBank into a technology investment juggernaut. Still, the company trades at a deep discount to the worth of its holdings. The total value of the conglomerate’s publicly traded shareholdings is around 21 trillion yen, while SoftBank’s market cap is roughly 10.7 trillion yen. By the company’s own estimation, there is a discount of about 50%.Son’s message to investors is that when it comes to technology, he is ahead of the curve. He was early to recognize the value of e-commerce and invest in Alibaba Group Holding Ltd. SoftBank was also first to introduce Apple Inc.’s iPhone in Japan. Now Son believes the world is on the verge of another technological shift, driven by artificial intelligence that will transform every industry. He argues that the company’s portfolio of unicorns from Uber Technologies Inc. to WeWork Cos. positions SoftBank to reap the most benefits from that disruption.“I wish I had the money to make tons of investments at the start of the internet revolution. I could see it coming,” Son said. “We started the Vision Fund at the very beginning of the AI revolution.”At least a few of the investors present took him at his word.“Son may talk big, but just look at what he has actually accomplished,” said Yasuhiro Suzuki, a SoftBank shareholder of about 20 years. “I have been to many of these meetings, but today Son seemed especially in high spirits.”Key Insights:The Vision Fund is nearing the end of its investment cycle and SoftBank is in the process of raising a second one of equal size, Son said. The two funds will be successive. SoftBank is in talks with limited partners in the first fund to renew their investments.The company is increasing staff at the fund to 1,000 people, from 415 now.To contact the reporters on this story: Pavel Alpeyev in Tokyo at email@example.com;Takahiko Hyuga in Tokyo at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Perch, a leader in physical and digital displays for retail marketing, announced today it is working with Vodafone Business (VOD) to provide reliable, consistent, and engaging digital experiences in stores via Internet of Things (IoT) services. Perch provides digital displays to global retailers, including Johnson & Johnson, Kate Spade, Beam Suntory, CoverGirl, and more, that can determine when a customer approaches, touches, or picks up a physical item and immediately engage that shopper with a digital message.
Only a few years ago the term “internet of things” (IoT) meant little to consumers. Now, as people demand connectivity from other devices, companies are competing to bolster their brands by innovating with IoT. Ericsson, the Swedish telecoms equipment maker, estimates 1bn cellular IoT connections already exist globally, which it expects to rise to 4.1bn by the end of 2024.
Struggling UK government contractor Kier has developed a fine sideline in producing kitchen sinks. In Kier’s case, though, it turned out that there was more to come. A bad day then for retail investors, who are often drawn to the seemingly steady income streams dividends provide.
(Bloomberg Opinion) -- Regulators will be watching closely when Facebook Inc. unveils its cryptocurrency project this week. Their vigilance is warranted.Mark Zuckerberg, the social network’s founder, isn’t going to gamble with what remains of his public image by replicating the worst excesses of the Bitcoin craze. He’s not trying to create a speculative currency; a potential wave of mom-and-pop investment losses is the last thing he needs. He just wants a digital medium of exchange for use on his apps. Nevertheless, his bid to launch an online payments revolution carries plenty of risks, from antitrust concerns to the threat that it might pose to financial stability.Weekend media leaks suggest that Facebook’s “Libra” project will be a continuation of its past efforts to expand its payments business and keep customers within the walled garden of its social media apps by creating their very own money.While Zuckerberg is poised to unveil a team of partners – reportedly including eBay Inc., Farfetch Ltd., Spotify Technology SA, Uber Technologies Inc. and Vodafone Group Plc – so far this feels very much like Facebook’s baby. Tellingly, it’s not one that the big banks or the other Silicon Valley and Seattle giants seem ready to adopt quite yet, unless Zuckerberg surprises us with some bigger names at the launch. The target customer base for these new digital tokens looks certain to be the 2.6 billion-strong users of Facebook, WhatsApp and Instagram.While Facebook will no doubt assure us that this project is all about making the lives of its customers ever easier, giving them the ability to actually buy stuff in a way that Bitcoin has rarely offered, it’s hard to square it away with the political effort to curb Big Tech’s monopolistic tendencies (regardless of that roster of launch partners and their $10 million participation fees). It’s crucial that Libra doesn’t become a protective glue that binds Zuckerberg’s social networks even more closely together at a time when many regulators want to break them up. Libra will be presented as an open-source partnership whose benefits are available to all, but to what extent will it really be held at arm’s length from the Zuckerberg empire? Indeed, if the financial and business benefits of using Libra accrue mainly to Facebook, it will merely enshrine its market dominance.As such, regulators must find out who will own the giant new datasets. They might even want to push the case that this kind of data should be made available to governments or rivals to avoid the problems of the past, where a handful of companies ended up owning all of the information about our online activities.While Facebook barely makes any money from its payments business today – with payments and other fees accounting for less than 2% of last year’s $55.8 billion of revenue – some analysts reckon Libra could change things. Barclays is reportedly predicting $19 billion in additional revenue by 2021 if the tokens gain traction. Libra is scheduled to launch across a dozen countries in 2020. That’s a lot of potential data and new sources of revenue.Financial stability is a worry too and regulators should ask for transparency on how Libra is structured. The token is expected to be a “stablecoin,” which is pegged to existing fiat currencies such as the U.S. dollar or the euro. That will damp price volatility, unlike the free-wheeling Bitcoin, whose price in the past five years has gone from $600 to $19,000, and now to $9,000. Regulatory oversight of which currencies are held in reserve to back the Libra coin would go some way to building faith in Facebook’s capacity to redeem tokens when customers ask for it.While no one wants to choke innovation unnecessarily, Facebook hasn’t exactly done much to earn everybody’s trust in recent years. Any chance to put the necessary controls in at the beginning, rather than firefighting down the road, should be grabbed by the regulators.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) -- Indian stocks completed their longest run of declines in more than a month as the late arrival of monsoon rains, crucial for crop output, heightened investor concern about the government’s ability to bolster a slowing economy.The S&P BSE Sensex fell 1.3% to 38,960.79 in Mumbai, clocking its steepest four-day slide in five weeks. The NSE Nifty 50 Index also lost 1.3%.The monsoon accounts for more than 70% of India’s annual rainfall, and farmers of grains, pulses, cotton and sugarcane typically wait for the rains to start before they begin planting. Any deficit in showers during the early part of the season could delay sowing and reduce crops, even if the monsoon gathers pace later.Finance Minister Nirmala Sitharaman will present her first federal budget to lawmakers on July 5. Investors will be looking for the government’s steps to simulate economic growth that slowed to a five-year low in the January-March quarter.Strategist View“Steady and good progress of the monsoon is critical for reviving demand and the economy after a delayed arrival,” said Anita Gandhi, a Mumbai-based director at Arihant Capital Markets Ltd. “Investors will be looking for government measures in the budget to spur demand in sectors like autos and housing, which have been witnessing a slowdown.”The NumbersAll 19 sector indexes compiled by BSE Ltd. fell, led by a gauge of metal companiesReliance Industries contributed the most to the index decline, decreasing 2.7%, while Tata Steel had the largest drop, falling 5.7%Yes Bank provided the biggest boost to the index and had the largest gain, advancing 1%; the lender plans to raise $1.2 billion to boost capital, its CEO said.Analyst Notes/Equity-Related StoriesShriram Transport Falls as 10% Equity Change Hands in Two TradesBanks May Finalize Resolution Plan for Jet Air on June 17: ETIndia Telco Dept. Backs Penalty on Airtel, Vodafone Idea: ETTo contact the reporter on this story: Nupur Acharya in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Divya Balji at email@example.com, Margo Towie, Naoto HosodaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
British telecom companies should show "all due caution" before using China's Huawei equipment in their 5G networks because the government cannot ignore the warnings from the United States, its digital minister said. Britain has found itself caught up in the diplomatic row between Washington and Beijing after the Trump administration told allies not to use Huawei's 5G equipment for fear it could allow China to spy on sensitive communications and data. Britain's National Security Council, chaired by Prime Minister Theresa May, had agreed in April to allow Huawei restricted access to non-core parts of the 5G network, but that decision has been put on hold following the U.S. intervention.
Germany's pricey 5G spectrum auction drew protests from existing mobile operators but cheered investors betting the entry of a new player will revive competition and help close a connectivity gap with the United States and Japan. For market leader Deutsche Telekom the auction, which ran for a record 12 weeks and raised 6.55 billion euros ($7.4 billion), left a "bitter aftertaste", while rival Vodafone called the result "catastrophic".
Germany raised 6.55 billion euros ($7.4 billion) from its 5G mobile spectrum auction, the Federal Network Regulator (BNetzA) said on Wednesday after a near three-month battle that will see a fourth operator enter the market. "The auction leaves a bitter aftertaste," said Deutsche Telekom's Germany chief Dirk Woessner. The market leader bid 2.17 billion euros for 130 Megahertz of the 420 MHz of spectrum being allocated in the 2 Gigahertz and 3.6 GHz bands.
Germany’s auction for 5G spectrum came to an end on Wednesday, after raising close to €6.6bn in a hard-fought bidding battle between groups including Deutsche Telekom and Vodafone that lasted 52 days. The four successful bidders are Deutsche Telekom, which spent €2.2bn, Vodafone (€1.9bn), Telefónica (€1.4bn) and Drillisch (€1.1bn). Deutsche Telekom voiced relief that the auction was over, but criticised the high price the German group had been forced to pay.
UK mobile operator Three on Monday said it would launch its first new-generation 5G broadband service in London in August and would roll out mobile and broadband across 25 towns and cities before the end of the year. Three, which is owned by Hutchison, said it would start its 5G network with a London home broadband service, joining BT's EE and Vodafone in launching services in 2019. Three said its 2 billion pound ($2.55 billion) 5G infrastructure investment included network improvements in major British cities and a cloud core network provided by Nokia.
Ethiopia's parliament will on Monday approve a law covering the liberalisation of the state-controlled telecoms sector, a parliament spokesman said. The move is the first concrete sign of progress on economic reforms pledged by Prime Minister Abiy Ahmed shortly after he took office in April 2018. "(On Monday) the Parliament will discuss comments made on the draft telecom law by standing committees of Human Resource and Technology, as well as Trade and Industry, after the that the MPs will approve the proclamation," parliament's communications director, Qusquam Mamo, told Reuters.
Vocus Group Ltd on Tuesday said Swedish private equity firm EQT Infrastructure had withdrawn its A$3.3 billion ($2.30 billion) buyout offer, making it the fourth suitor to drop its bid for the telecoms company in the last two years. "Following an accelerated period of due diligence, EQT has decided not to proceed with the transaction outlined in the indicative proposal," Vocus said in a statement.
Opportunities to invest in foreign stocks and economic growth around the world can be done through American depositary receipts (ADRs), mutual funds, and more.
EU antitrust regulators have extended by two weeks to July 23 their investigation into Vodafone's $22 billion (£17.3 billion) bid for Liberty Global's cable networks in Germany and central Europe, according to a filing on the European Commission website. Vodafone, the world's second-largest mobile operator said discussions with the Commission were ongoing. Earlier this month, Vodafone offered to grant rival Telefonica Deutschland access to its enlarged high-speed broadband network to allay competition concerns about the deal..
The Australian Competition and Consumer Commission (ACCC) blocked the A$15 billion (8 billion pounds) merger earlier this month, citing competition concerns. The deal was to combine Australia's third and fourth-largest telcos to create a big player boasting TPG's fibre network and Vodafone's mobile system. The parties will seek orders to quicken the proceedings, TPG said in a statement on Friday.