Swisscom To Offer EUR256 Million For Fastweb Minority Stake
September 20 2010 - 11:25AM
Dow Jones News
Swisscom AG (SCMN.VX) Monday said it will offer EUR256 million
to Fastweb SpA's (FWB.MI) minority sharholders.
MAIN FACTS:
--On 8 September 2010, Swisscom announced its intention to take
over the minority interests in Fastweb of 17.918% via its
subsidiary Swisscom Italia and to delist Fastweb from the Milan
stock exchange.
--Swisscom Italia today submitted the required offer, the
so-called prospectus, to the Italian stock exchange regulator,
Consob, for review.
--Swisscom assumes that the offer period will start in thE
second week of October and will probably end in mid-November.
Swisscom will announce the exact dates of the offer period as soon
as Consob has approved the prospectus.
--The purchase price offered to the minority shareholders is
EUR18 per share in cash.
--The total purchase price is EUR 256 million.
--Swisscom already holds 82.082% of Fastweb's shares via its
subsidiary Swisscom Italia.
--Swisscom will finance the purchase price using existing credit
lines or its own funds. Furthermore, UniCredit Bank AG in Munich
has given its assurance that it will issue a guarantee for the full
purchase price.
--As a strategic partner with a long-term focus, Swisscom is
investing in Fastweb with the clear objective of building on the
company's existing competitive advantage and technological edge, as
well as extending the company's portfolio of service offerings.
-Zurich Bureau, Dow Jones Newswires, +41 43 443 80 47;
zurichdjnews@dowjones.com
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