From left to right, the managers of Orange Federico Colom, Gervais Pellissier and Jean Marc Vignolles, Tuesday in Madrid / Alejandro Ruesga
The management team of Orange Tuesday presented its friendly takeover offer for 100% stake in Jazztel, valued at 3,400 million and unveiled on Monday night, as a commitment to the Spanish market, play to Vodafone, you just bought Ono , second behind Telefonica. “The price would be too high even if we did not think that together we will create a much better society,” said Gervais Pellissier, responsible for operations in Europe. The French group estimated savings of 1,300 million to integration, including a cutout template -plus signatures- 8,500 people between them, “that in no case exceed 400 jobs,” said Pellissier.
In the calculation of synergy, Orange gives more importance to cost savings or business network. And above all, the expected effect of the deployment of fiber optics, the factor that triggered the concentration of the industry. “With this deployment, we will pay for the final network access about 8.6 euros per customer per month,” Colom illustrated Federico, CFO of Orange Spain, in a press conference in Madrid.
Integration with Jazztel, to culminate, Orange accelerate plans to develop the optical fiber with the aim of reaching ten million households in 2017 Telefónica expects to reach 15 million next year, while Vodafone expected to reach nine . The calculations include the French group Jazztel agreement between Telefónica and for the whole network deployment. “We expect to be met, and no negotiations with Telefonica to discard a possible extension,” said Jean Marc Vignolles, CEO of Orange Spain.
The offer made by Orange (13 euros per share) represents a premium 8% on the price at which the National Securities Market Commission on Monday suspended the listing of Jazztel coming up by 12%. “If there was insider trading is a very serious matter, that companies and the regulator will investigate,” said Colom. The action returned to trading yesterday and closed the session up 6%, very close (12.8 euros) of the offered value. The operation was well received by the Industry Minister Jose Manuel Soria. “The consolidation process has it go further, in Spain and Europe,” he said.
The managers of Orange, however, ruled out new moves to digest integration, for which Pellissier there was a within two years. One answer you park any interest Yoigo, the fourth mobile operator, who had also been under fire of the French group, and even Jazztel.
The president and shareholder of Jazztel, with 14.5 % of capital, Leopoldo Fernández Pujals, has agreed to accept the offer from Orange. But the French group determines that the bid is accepted by at least 50% more. “We want the bid is successful,” said Colom, who admitted that greater participation will “more legal flexibility” to the group, which does not rule out a merger in the future. I also wanted to make clear is that Orange Pellissier not enter into any bid for Jazztel if competitors are presented. “This is our last offer” settled.
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