An interesting way of putting it, Franz:
"Let's see....It is the first boardroom meeting, I am the CEO of USW and we are going to decide how to divide up my cash. Hummm...As CEO of USW I have to tell you that our expenses have just gone up quite a bit so you are not going to get the cash you expected. Also, before I turn over any cash there are some expansions I want to make at USW and I will fight for the money..."
I don't suppose the existing shareholders of USW regard their utility company holding an Internet play, exactly. They will not be willing to drop the dividends, as some rumblings surrounding T's posture has been suggested elsewhere recently, in favor of exponential, albeit a somewhat more risky kind of, growth... is what I hear you saying.
I tend to agree and suscpect that they would be extremely reluctant. If it came down to a vote, it wouldn't fly in its naked form, IMO, given institutional holdings being what they are.
To make this work, IMO, it would require extreme structural separations in all but the most obviously synergistic ways, up front, and only then could gradual integration take shape, over time.
If that were the case, would there be sufficient reason to merge at this time? |
