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Dow Chemical expects to raise over $2 bln from sale of 3 units
2014-10-03 16:05:36| Chemicals - Topix.net
Dow Chemical Co. said it expected to raise more than $2 billion from three businesses that it has put on the block as part of a plan to raise up to $6 billion from asset sales.
Intel invests USD 1.5 bln in Chinese chipmaker
2014-09-26 09:26:00| Telecompaper Headlines
(Telecompaper) Intel has agreed taken a 20 percent minority stake in the holding company under Tsinghua Unigroup, which will own Spreadtrum Communications and RDA Microselectronics. Under the terms of the agreement, Spreadtrum will jointly create and sell a family of Intel Architecture-based system-on-chips (SoCs). Initial products will be available beginning in the second half of next year and will be Intel Architecture-based SoCs sold by both companies. The RMB 9 billion (USD 1.5 billion) stake acquisition is expected to close early next year, subject to regulatory approvals and other closing conditions. Intel and Tsinghua Unigroup signed a number of coooperation agreements to expand product offerings and adoption for Intel-based mobile devices in China and worldwide. The parties will jointly develop Intel Architecture and communications-based systems for mobile phones. The companies expect Intel's investment to close in early 2015.
Tags: chinese
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Trujillo preparing EUR 7.5 bln Telecom Italia bid - report
2014-09-25 14:57:00| Telecompaper Headlines
(Telecompaper) US businessman Sol Trujillo, former CEO of Australian operator Telstra, is seeking to raise around EUR 7.5 billion to bid for a stake in Telecom Italia, according to unnamed sources cited by Bloomberg. Sovereign wealth funds in Qatar and Abu Dhabi are said to have expressed interest in funding Trujillo's plan, dubbed "Adriano". If the project is successful, Trujillo would become Telecom Italia's CEO and set up a new management team, according to Bloomberg, which says EUR 7.5 billion is equivalent to around half of Telecom Italia's market value. The sources added that Trujillo has yet to approach Telecom Italia because the plan isn't fully funded and he wants to drum up support from the Italian government, which retains a so-called golden share to veto deals involving industries it considers to be of national interest. However, senior Italian officials are said to be aware of the project and the government is apparently open to the idea of a foreign investor in Telecom Italia.
Millicom confirms target for USD 9 bln in revenue in 2017
2014-09-25 09:03:00| Telecompaper Headlines
(Telecompaper) Millicom has confirmed a target of over USD 9 billion in revenue in 2017, compared to USD 5.2 billion in 2013. driven by recent acquisitions and expansion in the cable TV and online segments. At its Capital Markets Day, the company highlighted its current 9 percent annual growth in revenues (in local currency), with its mobile business advancing 6 percent, cable rising by 16 percent and mobile financial services up 41 percent. The recently completed takeover of UNE in Colombia will also contribute to growth. In 2014 Millicom expects the contribution from UNE to reach USD 550 million of revenues, around USD 120 million in EBITDA (before integration costs) and capex of USD 120 million. Millicom confirmed its initial estimate of synergies of USD 600 million (including integration costs) from the takeover. More details on synergies will be announced early next year following the completion of the integration planning phase. Having completed the UNE deal, the company said it now plans a period of focusing on debt deleveraging.
Orange issues EUR 3 bln hybrid bonds for Jazztel acquisition
2014-09-25 08:56:00| Telecompaper Headlines
(Telecompaper) Orange has announced that it has raised EUR 3 billion towards its proposed acquisition of Spanish broadband operator Jazztel via the hybrid capital market. The company issued the equivalent of EUR 3 billion in hybrid subordinated perpetual bonds on the Euro and Sterling markets. The bonds were issued in three tranches of EUR 1 billion, 1.25 billion and 600 million, offering first call dates of 7, 12 and 8.5 years respectively. Orange said total orders exceeded EUR 11 billion and that the issue allowed it to strengthen its balance sheet at a cost of 4.5 percent, below the average cost of its existing bonds. On 16 September Orange launched an offer to acquire 100 percent of Jazztel shares at EUR 13 per share, valuing the Spanish operator at around EUR 3.4 billion. The deal is subject to regulatory approval as well as to Jazztel shareholders tendering at least half of the stock on top of an almost 15 percent stake held by top executives who have agreed to sell.
Tags: issues
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