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Telefonica Deutschland to cut 1,600 jobs untill 2018

2014-10-17 13:15:00| Telecompaper Headlines

(Telecompaper) Telefonica Deutschland has unveiled the key parameters for the integration of E-Plus, including 1,600 job cuts until 2018 on a total of 9.100 employees. The job cuts are part of the streamlining process to create a springboard for the digital transformation of the business model and create synergies of more than EUR 5 billion. Most of the job cuts are due to duplicate functions that need to be abolished. . In this process, Telefonica Deutschland intends to implement a severance pay scheme for employees leaving the company and strives to avoid compulsory redundancies wherever possible. The supervisory board and the workers council have been informed about the planned measures, which are subject to approval by the supervisory board. The company will now continue negotiations with the workers council. The two sides agreed to conduct these negotiations in a spirit of partnership.

Tags: jobs deutschland cut telefonica

Telefonica Deutschland raises EUR 3.6 bln in share issue

2014-09-24 15:05:00| Telecompaper Headlines

(Telecompaper) Telefonica Deutschland has raised EUR 3.6 billion in its rights issue to help finance the takeover of rival E-Plus. Shareholders subscribed for 99.92 percent of the shares on offer, and majority shareholder Telefonica exercised all its rights to maintain its stake in the German subsidiary. Each share held entitled shareholders to one new share at the discounted price of EUR 3.24. The bookrunners were sell on the market the remaining shares not subscribed in the rights issue. The issue of 1.12 billion new shares doubles Telefonica Deutschland's outstanding capital, and another 740.7 million new shares will be issued to KPN as partial payment for E-Plus.

Tags: share issue eur deutschland

BSkyB won't sweeten Sky Deutschland offer

2014-09-18 02:00:00| Total Telecom industry news

U.K. satellite operator unconcerned by Sky Deutschland recommending minority holders reject offer.

Tags: offer deutschland sky sweeten

Sky Deutschland boards reject takeover bid from BSkyB

2014-09-17 09:52:00| Telecompaper Headlines

(Telecompaper) The management and supervisory boards of Sky Deutschland have recommended shareholders do not accept BSkyB's takeover bid for the company. In a joint statement, the boards said the offer "does not reflect the full potential and thus intrinsic value of Sky Deutschland's business". A fairness opinion obtained for BofA Merrill Lynch also found the offer inadequate. The UK company is offering EUR 6.75 per share for the German pay-TV provider, a premium of only 6.5 percent on the share price the day prior to when BSkyB first announced plans for an offer. This is less than most analyst price targets for the company's shares and less than recent similar takeovers in the sector, according to the boards. Their own discounted cash flow analysis also came to a higher valuation for the company. The takeover offer is open until 15 October. BSkyB earlier reached an agreement to buy 57.4 percent of Sky Deutschland shares from 21st Century Fox.

Tags: deutschland boards bid sky