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Kabel Deutschland, Vodafone sign domination agreement
2013-12-20 16:02:00| Telecompaper Headlines
(Telecompaper) Germany's largest cable operator Kabel Deutschland's management board has signed a domination and profit and loss transfer agreement with Vodafone Vierte Verwaltung, a subsidiary of Vodafone. Under the agreement Vodafone Vierte Verwaltung controls Kabel Deutschland Holding having a 76.57 percent stake. The domination and profit and loss transfer agreement still requires the approval by the extraordinary General Meeting of Kabel Deutschland Holding which is scheduled to take place on 13 February 2014. In the agreement, Vodafone Vierte Verwaltungs offers to acquire the shares of the minority shareholders of Kabel Deutschland Holding for a cash compensation of EUR 84.53 per share. The cash compensation corresponds to the volume-weighted average stock market price of Kabel Deutschland Holding AG shares as determined by the German Federal Financial Supervisory Authority (BaFin) for the relevant three-month period up to and including 12 September 2013. At the same time, Kabel Deutschland announced that CEO Adrian v. Hammerstein will step down on 31 March 2014. His successor will be current COO and Deputy Manuel Cubero. Gerhard Mack , currently director of the group's Technical Operations, joins the management board as new Chief Operating Officer per 1 April 2014.
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Category:Telecommunications