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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (19295)	2/21/2002 8:00:24 AM
From: Dennis Roth	Respond to of 196450

Mobilcom share price collapses as a result of conflict -- (Aktienkurs von Mobilcom bricht nach Streit ein) library.northernlight.com Story Filed: Wednesday, February 20, 2002 9:42 PM EST Feb 21, 2002, (Financial Times Deutschland /FT Information via COMTEX) -- Conflict with France Telecom is putting pressure on the share price of Mobilcom, the German mobile telecoms operator. While the two parties were busy on Wednesday looking for a way out of the present deadlock, the share price of Mobilcom collapsed by 17 per cent to 12.60 euros. The French company has ordered Mobilcom's supervisory board to investigate purchases of Mobilcom shares made by the wife of Gerhard Schmid, the company's founder and chairman. It believes that this was a tactic used to stop France Telecom from acquiring a majority in Mobilcom. An accusation that was strenuously denied by a Mobilcom spokesman. If the charges prove to be founded, however, then France Telecom would be released from its obligations and no longer liable to finance Mobilcom's UMTS network. Abstracted from Financial Times Deutschland -------- Borsen-Zeitung: MobilCom AG argues with France Telecom -- (Mobilcom streitet mit France Telecom) library.northernlight.com Feb 19, 2002, (Borsen-Zeitung /FT Information via COMTEX) -- The dispute between MobilCom AG, a German telecommunications group, and its major shareholder France Telecom, the French telephone operator, began to escalate yesterday. While the German group is convinced that the French company is 'unconditionally' obliged to invest up to 10bn euros in MobilCom's UMTS networks, France Telecom is willing to pay only if MobilCom agrees to a specific business and budget plan. The French company claims that MobilCom has no such business and budget plan. As a result of the escalating dispute, Vianney Hennes has already resigned as board member at MobilCom. The German group, in which France Telecom's subsidiary Orange holds a stake of 28.5 per cent, will face severe financial problems if its major shareholder decides against the investment. MobilCom, which spent 8.2bn euros on its UMTS licence, estimates that it needs another 5.5bn euros before it can start operating its UMTS network. Shares in the German group were down 5.8 per cent at 16.7 euros yesterday afternoon. Abstracted from Borsen Zeitung ---- Le Monde: Tension mounts between France Telecom and Mobilcom -- (La tension monte entre France Telecom et Mobilcom) library.northernlight.com Story Filed: Wednesday, February 20, 2002 3:52 PM EST Feb 20, 2002, (Le Monde /FT Information via COMTEX) -- Relations between the French telecommunications company France Telecom and its German mobile partner, Mobilcom, are becoming increasingly strained. On Monday, one of the member's of the Mobilcom board of directors, Wanney Hennes, handed in his resignation. Mr Hennes, a former employee of France Telecom, joined the German company in 2000 after the French operator acquired 28.5 per cent of its capital. Hours before Mr Hennes' resignation, France Telecom issued a statement confirming that it did not agree with the UMTS mobile-telephony investment plan presented by Mobilcom's founder, Gerhard Schmid. "France Telecom and [its mobile subsidiary] Orange have stated clearly that they are hoping for a business plan which is viable and contains substantial investment reductions", said the former French monopoly. Mr Schmid, on the other hand, had been planning to invest almost 11bn euros in Mobilcom's UMTS activities - including 1.4bn euros by 2003 - on the strength of his company's investment agreement with France Telecom. Abstracted from Le Monde ==== Quite a little soap opera. DPR