Word: telekom
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...scheme in which one player controls the heart of TV's infrastructure is against open competition," says Didier Bellens, CEO of RTL Group, which is controlled by Bertelsmann. Given that kind of opposition, it wasn't surprising that after spending months negotiating a deal to purchase six of Deutsche Telekom's regional cable systems for $4.9 billion--which would have given him 12 million subscribers and 60% of the German cable market--Malone found himself at loggerheads with German regulators...
...least to delay. Many observers think Malone is playing his classic waiting game in Germany, using his patience to drive down the price of Deutsche Telekom's cable assets before he swoops in again. "I don't believe he's done in Germany. This is how he negotiates," says a longtime Liberty observer. But price is only one part of the parley. Germany may be Europe's largest television market, with 33 million households, but it's also one of the most antiquated. Already, two foreign players in the German cable market, NTL's Iesy and Callahan Associates' Ish, have...
...spin-off activity, while the U.S. is already in the sixth or seventh," says Mark C. Minichiello, principal at Spin-off Advisors in Chicago. "The trend in Europe is definitely picking up. There will be a lot more demergers." Indeed, companies as diverse as Diageo, Nestlé and Deutsche Telekom are contemplating at least partial separations from ill-fitting divisions...
...division in an initial public offering (IPO), retaining the lion's share for itself. That's what Switzerland's Nestlé has planned for Alcon, its U.S. eye-care unit. Nestlé expects to float nearly 25% of it in a $2.3 billion ipo this week. And Deutsche Telekom wants to offer part of its wireless operation, T-Mobile, in an ipo later this year, possibly raising $8.76 billion...
...value, a particularly useful exercise if they plan to bail out of it altogether in a few years. Nestlé insists that it has no plans to sever all ties to Alcon, though analysts still expect the food giant to untether the eye-care group eventually. As for Deutsche Telekom, it won't be Europe's first long-distance operator to unload a wireless unit. British Telecom last year spun off mm02, and France Telcom floated a piece of its Orange mobile unit. In addition, the T-Mobile carve-out will help Deutsche Telekom put a small dent...