Dick, great job on concentrating power - TDC & France Telecom merge Swiss units
LIBERATOR
Again, my protocol of characteristics of website design styles
indicate that both websites are designed with Dick Strongs very
pleasant layout and navigation personality, thus both corporations are
unmistakenably Dick Strong corporations. Being this is the tech sector
where RUSH prides themselves as the kings of the world - they're
getting spanked like little children, it's only a matter of time
before they're completely eliminated.
------------------------------------------------------------------------------------------------------------------------------
http://online.wsj.com/article/SB10001424052748703499404574557052183107502.html
France Télécom, TDC To Merge Swiss Units
By DOMINIC CHOPPING And JULIA MENGEWEI
Danish telecommunications provider TDC and France Télécom said
Wednesday they have agreed to merge their Swiss operations in a move
to tackle rival and Swiss market leader Swisscom AG.
Under the agreement, which unites France Télécom's Orange
Communications and TDC's Sunrise Communications units, TDC receives
€1.5 billion ($2.24 billion) from France Télécom which will in turn be
the major shareholder of the new entity with a share of 75%.
"We are pleased with the transaction and believe that the combination
will create a stronger player in the Swiss telecommunications market,"
TDC Chief Financial Officer Jesper Ovesen said in a statement.
The move comes on the heels of France Télécom merging its U.K.
operations with those of German incumbent telecommunications services
provider Deutsche Telekom AG in September.
"The deal should bring significant synergies for TDC and France
Télécom in Switzerland which will hold around 38% in market share in
the mobile market," said a strategist at Zuercher Kantonalbank.
"Swisscom holds the remaining 60%, which is still a lot, but the
merger may put some pressure on Swisscom's margins," he added.
The newly merged entity will have a 13% market share in broadband, and
a relatively small share of fixed line business, the companies said.
TDC said it expects the deal to result in an impairment charge of 4.3
billion Danish kroner ($864.7 million), recognized in the fourth
quarter, though the company's full year outlook is unchanged.
France Télécom and TDC expect synergies of around €2.1 billion.
Head of the new entity will be Thomas Sieber, current Chief Executive
Officer of Orange Switzerland.
Closure is seen in the second quarter of 2010.