Telekom Austria
20.11.2000
19:18 MEZ
Dangerous stock exchange play
The " people's share " Telekom Austria can finally ruin the Viennese stock exchange, too
on 10 March of this year Federal Chancellor Wolfgang dish was still felsenfest [absolutely] convinced, that the new law for the acquisition by the state getting thing OEIAG was a " [huge] possibility for professionals in denationalizing in the context of the market conditions.
No humans will say to the OEIAG executive committee from the policy, you must now sell."
Rudolf Streicher, general manager of the OEIAG, saw on Monday already a little more differentiated: The point of time of the privatisation of the Telekom Austria (TA) was not adjustable, particularly since, according to government job the TA must be denationalized in this government period to 100 per cent.
The result of the first TA stock exchange course is disappointing: Instead of estimated 120 to 130 billion of the Austria former monopolist by the international financial markets, with now sleek 64 billion Schilling, the Minister of Finance may take in for the first Tranche of 25,8 per cent only 15.9 billion .
In addition the Italian partner, which bought two years ago much more expensive, had to be calmed down with a share gift of almost three billion .
To the comparison: The German Telekom, based on the domestic customer potential approximately ten times as largely as the Telekom Austria, is worth presently 1631 billion Schilling - thus the 26fold. And with 296 billion Schilling comparable Swiss Swisscom is also still four and one-half times more worth than the Austria stock exchange beginner.
It would be, however, too easy to attribute the bad start of the " people's share " solely to the up-to-date bad basic conditions at the stock exchanges.
The timing was bad, but the preparation of the enterprise on the stock exchange course in Vienna and New York was still worse.
The secret hope of the politicians of Austria, that the investors don't notice that an enterprise completely financially robbed by the state comes to the stock exchange, did not live up.
Already toward end of the seventies-years "special dividends" came into fashion, amounts of billion, which the post office & Telekom Austria at that time naturally never earned, but nevertheless had to dole out to the Minister of Finance.
Thanks to the special dividends, over 110 billion debts, which were later divided on the occasion of the separation from post office and Telekom, added up and constitutes a part of the debt mountain of the OEIAG to date .
While other Telekom enterprises could use proceeds from stock exchange issues for investments and foreign purchases, the Telekom gets no dime, but must pay back the debts of former Ministers of Finance. About acquisitions is not to be thought at all, and in such a way dull and grey also looks the " Investment Story ", which is set to energize investors to the purchase.
The fact that a stock exchange candidate must finance billion-investments for a modern glass fiber network by bank loans made probably many investors concerned, while, at the same time, competitors with full war chests show off.
Like that it is not a miracle that also very prominent fund managers in the discussion with STANDARD admit, on short term profits on exchange to speculate (of " Austria banks will by devil come there raus to support to have ") and on a long-term basis rather on German Telekom or France Télécom to set.
For the Viennese stock exchange could have fatal following: Very many kleinanleger invested with the Telekom Austria for the first time in shares.
Rise some large funds after starting gains out, could fall the course soon under the emission level, and then many will probably lose the share A riser the nerves and will also step out. The topic shares and the next emissions of the OEIAG are to be forgotten then on long time. OEIAG boss Streicher hopes that the next Tranche of the TA runs better. That is to be required Austria. To occur there however nothing more may. (Michael Moravec, the standard, print output, 21,11,2000) |
