Research (J&T BANKA)
World markets  |  April 10, 2013 09:07:37

Telefónica SA is considering the sale of 10.6% of Telecom Italia, PPF has confirmed entry into the new auction

Yesterday, the parent company of the Spanish Telefonica SA said it is willing to sell its 10.6% stake in Telecom Italia for about 1.5 billion euros and thus contribute to debt reduction plan for this year by about 4 billion. Notification of a potential transaction may mean, in our view reduces the need for rapid further divestments, including the potential sale of 20% stake in TEF CR (recently mentioned in the media). On the other hand, it may draw attention to the fact that TEF SM is willing to enter into divestitures of assets and thereby reduce their debt.Here, we believe that the sale of shares in a domestic TEF CR is somewhat more complicated due to the fact that the parent company retained a majority native title liquidity is low. Any SPO view of the above, also considered to be difficult to implement at an affordable price. These considerations lead us to the idea of ??low attractiveness of such a step.

PPF in the press yesterday confirmed that it will participate in a new auction, sticking to the existing terms and conditions proposed by relatively improve the position of a potential new wireless carrier. Acknowledgment expected, but still slightly negatively perceived confirmation from the psychological point of view and confirm or intensified competition.

Adding Editors:
According to the additional information the parent Telefónica also plans to reduce its 70 percent stake in Colombian division to a blocking majority.

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