Fastweb 2010 Net Loss Widens To EUR72.4 Million, Ebitda +4.5%
February 17 2011 - 2:01AM
Dow Jones News
Italian broadband operator Fastweb SpA (FWB.MI) said Thursday
its net loss in 2010 widened to EUR72.4 million due to higher
taxes, with earnings before interest, taxes, depreciation and
amortization, or Ebitda, up 4.5%.
MAIN FACTS:
-The Milan-based broadband operator, which was acquired by
Swisscom AG (SCMN.VX) in 2007, said it posted a full-year net loss
of EUR72.4 million, up from a EUR34.4 million loss a year
earlier.
-Fastweb, Italy's second-largest telecoms operator by market
value after Telecom Italia SpA (TI) said full-year Ebitda was up
4.5% at EUR502.6 million as revenue grew 1.5% to EUR1.88
billion.
-In September, Swisscom launched a takeover offer on all
outstanding shares of Fastweb, representing 17.9% of Fastweb shares
capital, for an offer price equal to EUR18 a share.
- Swisscom said Tuesday it has passed the 95% share ownership
threshold in Fastweb as part of its complete takeover and
de-listing of Italy's broadband operator.
- The sell-out period started on Feb. 14 and will end on March
14. The offer price is EUR18.00 a share. Following the sell-out
period, Swisscom will buy the remaining Fastweb shares in the
market with the subsequent de-listing of the company.
- Borsa Italiana will de-list the Fastweb shares from March 22,
2011, following the suspension of share trading after the meetings
on March 17, March 18 and March 21, 2011.
-By Milan Bureau, Dow Jones Newswires; +39 06 69766920;
giada.zampano@dowjones.com
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