Vodafone and Everything Everywhere - takeover special!
It's all going off in the world of mobile phones! It really is! And it's more exciting than a hedge filled with dynamite and spiders.
First off, Vodafone are offering a whopping £1billion+ to take over Cable & Wireless Worldwide which looks for all the world like it will be a successful bid! They've got all that money to throw around because they never pay any tax.
CWW have revealed that 59% of shareholders back the takeover, but alas, Vodafone need the support of 75% or it won't happen. Vodafone presumably hoping that these remaining holders don't take umbrage with Vodafone's helping out of the Egyptian government during the uprising.
Orbis, who hold 19% of shares, had criticised Vodafone's offer, saying it undervalued a company that served many businesses and government departments, had a British fibre optic network and cables that spanned the world.
Elsewhere, there are talks being held about a large £8bn takeover bid for Orange and T-Mobile tagteam Everything Everywhere. Private equity firms KKR and Apax are believed to be behind this particular power grab. Apparently, these bidders were looking at taking over Virgin Media but invariably couldn't be bothered going toe-to-toe with Murdoch and BSkyB.
In a statement, Everything Everywhere said: 'We have a clearly articulated, five-year plan for growth under the ownership of our shareholders France Telecom and Deutsche Telekom, and we are delivering on that plan. We would not comment on any possible future shareholder structure of our business.'