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France Telecom follows the passages de Telephone
The French operator follows the passages de the Spanish when repurchasing the titles de her branch de Internet in the middle de price.
France Telecom has been watched in the mirror de TTelefónica. The decision to repurchase to the minority stockholders the titles de its platform de Internet, Wanadoo, is traced to the operation that it carried out at the beginning de the Telephone past summer with Terra.
France Telecom tries to pay to the shareholders de Wanadoo half de the price who paid in 2000 July (19 Euros). Telephone, that removed to stock market to Terra in November de 1999, to 11.81, it repurchased three year and a half later these titles to 5.25 Euros. France Telecom in cash defers seven de its actions and 195 Euros by each 40 titles de Wanadoo or the payment de 8.86 Euros by action.
If the operation de Telephone already were criticized by the investors de Terra, those de Wanadoo can feel still more annoying. Although actions de the matrix are defered to them, which did not happen with Terra. The French semi-public operator does not run risks with this acquisition, in spite de paying a 20% more than the experts they think that they are worth the title de Wanadoo (around 7.2 Euros, according to estimations de consensus de market de consultant JCF Group). France Telecom will buy a company that already is prdeitable. What it does not happen to Terra. In addition, it has raised the operation in an exercise in which a qualitative jump in Wanadoo will take place. The experts prehorseradish tree that the company de Internet will gain east year 361 million Euros, against 159 million de 2003, and around 400 million in 2005. Terra, on the other hand, will not leave the red numbers until 2006.
Another attractive additional that it has France Telecom to take control de Wanadoo is the excellent financial position de the company, as it already happened in the case de Terra. If France Telecom takes control de Wanadoo will be able to have a net treasury de 2,000 million Euros, 15% de the stock-exchange capitalization de the vestibule de Internet. While, the cost for the operator to take control de 29% de Wanadoo will be de 3,800 million Euros.
After years de scarcities by the strong investments realized in new technologies, France Telecom returns to have waist to realize acquisitions. Esteem that will close 2004 with a debt de 42,000 million Euros, 26,000 million less than in 2002.
France Telecom gained 3,200 million Euros in 2003, after losing the previous year 20,000 million. For 2004, the experts consider a benefit de 3,500 million Euros. Even in 2005, the investment companies return to clearly at the top locate to the French operator de the benefit between the great companies fixed telephony, next to the American Verizon and the Japanese Nippon Telegraph & Telephone. To this benefit it can contribute the segregation de his business de yellow pages, that will be placed in stock market. In this France Telecom can be advanced to Telephone, if the repeated rumors de a disinvestment de the Spanish company in their branch de directories TPI are confirmed.
Repetition de play
Telephone it repurchased the past summer titles de Terra to 5.25 Euros. The same that had sold in November de 1999 to 11.81 Euros.
France Telecom wants to have the excellent financial situation de Wanadoo, with a box next to 2,000 million.
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