M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

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Legal and financial sources hold mixed views on the chances that EU regulators will greenlight the pending joint venture between Wind and 3 Italia, after the European Commission blocked the O2/Three UK merger, with many believing that the Italian deal will not go through.

Legal and financial sources hold mixed views on the chances that EU regulators will greenlight the pending joint venture between Wind and 3 Italia, after the European Commission blocked the O2/Three UK merger, with many believing that the Italian deal will not go through.

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Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

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We have been concerned that a successful deal would have unleashed "take or pay" MVNOs on the UK market creating significantly higher competitive intensity. Previously in <a href="https://www.smartkarma.com/insights/ck-hutchison-s-european-deals-hang-in-the-balance" target="_blank" data-smartkarma-citation="insights:3398">CK Hutchison’s European Deals Hang in the Balance</a> we had thought a deal to buy O2 could be approved but with tough (potentially unpalatable) conditions. In the end the transaction was blocked, although even this is unclear. The text of the decision says Hutch was not able to address all the DG Comp's concerns.Our view is that…

We have been concerned that a successful deal would have unleashed "take or pay" MVNOs on the UK market creating significantly higher competitive intensity. Previously in CK Hutchison’s European Deals Hang in the Balance we had thought a deal to buy O2 could be approved but with tough (potentially unpalatable) conditions. In the end the transaction was blocked, although even this is unclear. The text of the decision says Hutch was not able to address all the DG Comp's concerns.Our view is that…

Chances that CK Hutchison’s possible appeal of the European Commission’s decision to block its UK merger with Telefonica’s O2 will succeed are scant, UK lawyers told CTFN.  An appeal will take at least a year to be decided upon, so it would almost certainly not save the deal even if Hutchison were to win.

Chances that CK Hutchison’s possible appeal of the European Commission’s decision to block its UK merger with Telefonica’s O2 will succeed are scant, UK lawyers told CTFN.  An appeal will take at least a year to be decided upon, so it would almost certainly not save the deal even if Hutchison were to win.

Hutchison Stands Slim Chance of Winning EC Appeal

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Morningstar

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Morningstar, Inc.

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On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2 UK.We had thought the odds of approval were about 50%, so we aren't surprised by the rejection.We think this makes approval of CK Hutchison's 3 Italia's proposed merger in Italy with VimpelCom's Wind division highly unlikely.Competition is much lower in Italy, as evidenced by fewer mobile virtual network operators and much higher EBITDA margins.Analysts: Dan Baker &amp; Lorraine Tan

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2 UK.We had thought the odds of approval were about 50%, so we aren't surprised by the rejection.We think this makes approval of CK Hutchison's 3 Italia's proposed merger in Italy with VimpelCom's Wind division highly unlikely.Competition is much lower in Italy, as evidenced by fewer mobile virtual network operators and much higher EBITDA margins.Analysts: Dan Baker &amp; Lorraine Tan

EU Competition Commission Rejects 3's Acquisition of O2; Telefonica's Shares Undervalued

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

<ul><li>China’s economic slowdown will continue to be a major cause for concern for the global economy.</li><li>Slowing economy together with declining with FX reserves could see RMB come under pressure.</li><li>RMB downside pressure to spillover into other emerging market currencies.</li></ul>

China’s economic slowdown will continue to be a major cause for concern for the global economy.Slowing economy together with declining with FX reserves could see RMB come under pressure.RMB downside pressure to spillover into other emerging market currencies.

Hong Kong

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

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CK Hutchison Holdings (1 HK)

Mixed Views on Wind/3 Italia Merger

Legal and financial sources hold mixed views on the chances that EU regulators will greenlight the pending joint venture between Wind and 3 Italia,...

CTFN

Hutchison Blocked in UK.

We have been concerned that a successful deal would have unleashed "take or pay" MVNOs on the UK market creating significantly higher competitive...

New Street Research

Hutchison Stands Slim Chance of Winning EC Appeal

Chances that CK Hutchison’s possible appeal of the European Commission’s decision to block its UK merger with Telefonica’s O2 will succeed are...

CTFN

EU Competition Commission Rejects 3's Acquisition of O2; Telefonica's Shares Undervalued

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2...

Morningstar, Inc.

Marketnomix Country Insights - China

China’s economic slowdown will continue to be a major cause for concern for the global economy. Slowing economy together with declining with FX...

Rajan Govil

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