Word: telekom
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Dates: during 2000-2009
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...telecom operators and their investors, on the other hand, it looks more like a financial disaster. Bon's France Telecom has increased its debt to a staggering $55 billion in large part to pay for 3G. Likewise, Deutsche Telekom now owes $50 billion, and British Telecom $43 billion. (It's not all 3G; these firms have also been on acquisition sprees.) And here's the scariest part: there's no guarantee that 3G will...
...When Deutsche Telekom, BT and France Telecom were bidding their borrowed billions on licenses last year, it looked like the loans would be a lot easier to pay off than they are today. "We have a plan that will bring our debt down into the range of $27 billion to $36 billion by 2003," says Bon. A nice plan indeed, but mind the yawning $9 billion gap. (A company worth $9 billion on the London Stock Exchange might qualify for the blue-chip FTSE 100 index.) The reason the numbers are so vague is that the debt reduction plan depends...
...lucky one. It's initial public offering of Orange earlier this year was a bomb, raising far less cash than the firm had initially hoped. Then again, says Standard and Poor's credit analyst Guy Deslondes, "At least the money is already in the house." Both BT and Deutsche Telekom have talked about similar public offerings of their wireless divisions to raise cash, but just who's going to buy all these new tech stocks...
...Europe's longest-running business soap operas: Will German phone giant Deutsche Telekom finally take the plunge in the U.S. market? Ron Sommer, who heads the $200 billion company, needs a U.S. beachhead to make his former monopoly a global telecom player. And he has $100 billion for acquisitions burning a hole in his pocket...
...toward VoiceStream Wireless, reportedly offering $53 billion in stock and cash for the Bellevue, Wash., firm. That works out to a pricey $20,000 per customer, high enough to send DT's stock plunging 9% last week. Still, VoiceStream may be worth it. "To fulfill its global ambitions, Deutsche Telekom needs a stable position in the U.S. market," says analyst Holger Grawe at German bank WestLB, adding that the supply of U.S. companies is limited. DT reportedly hired a Washington law firm last week to lobby Congress. Sommer may be interested in making another pass at Qwest because he still...