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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)
VOD 14.17+1.6%Jan 23 9:30 AM EST
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To: MrGreenJeans who wrote (2861)6/11/2000 9:04:00 PM
From: MrGreenJeans  Read Replies (1) of 3175
 
Spain pact for BT, Vodafone
By Dan Sabbagh









Press releases - Vodafone


News headlines - British Telecom




VODAFONE AirTouch and BT will announce early this week a Spanish pact that will give Vodafone control of the country's wireless operator Airtel in return for a local tie-up with BT's fixed-line operations.
Vodafone will be permitted to increase its shareholding in Spain's number two wireless operator to an effective maximum of 55pc from its existing 21.7pc. It will then give BT an option to buy shares from it should it exceed that level, giving BT the opportunity to increase its own 17.8pc holding to 45pc.

Airtel's other shareholders are a consortium of local banks, with Banco Santander holding the largest single bloc of 30.45pc. They all want to sell out to Vodafone but have been waiting for BT and Vodafone to come to an agreement first.

Once the agreement is announced, Vodafone will proceed to buy out the remaining shareholders in a move that is expected to value the group at about œ15 billion. It is expected Vodafone will pay using its own shares because the Spanish banks want to retain an exposure to the mobile sector and rate Vodafone's paper more highly than BT's.

The final element of the agreement will see Airtel forge a partnership with BTTel, BT's majority owned fixed-line and internet group, which is ranked number two locally.


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