Orange intends to Jazztel’s shares continue to be traded
MADRID, 26 (EUROPA PRESS)
Orange he has taken with the representatives of the employees of the company that the number of “labor potential adjustment” will not exceed 400 people, including two templates, without so far has taken no decision, he explained the firm in OPA prospectus approved Tuesday by the National Securities Market Commission (CNMV).
The company has said that, after liquidating the offer and once the necessary information available, conduct a “thorough review” Jazztel to identify areas where there may be adjustments or modifications, including number of employees and management.
“Orange still has no foresight, no plan, nor has it taken any decision regarding this rationalization of staff” he said the company.
However, Orange has clarified that can not rule out the possibility of changes being made in the “future” in the number of employees and directors of Jazztel or the terms and conditions work of the same.
In addition, the company has indicated that it intends to Jazztel’s shares continue to be traded on the stock exchanges on which are currently doing so. “In this regard, it is noted that the offer is not intended to delist the shares of Jazztel,” said.
JAZZTEL will continue to trade
The French firm has set as a condition for proceeding with the acquisition obtain a backup of 51.23% of the share capital of Jazztel, ie a minimum of 131 872 417 shares. Specifically, the offer goes to 100% of the share capital of Jazztel, consisting of 257 408 582 shares admitted to trading, and 676 250 new shares of Jazztel during the acceptance period in accordance with the provisions of the prospectus offer.
The company explained that to the extent that the president of Jazztel, Leopoldo Fernández Pujals, with 14.4% of the share capital, the CEO, José Miguel García Fernández, which has the 0.21%, and the Minister Secretary General Jose Ortiz Martinez, with 0.04% going to have accepted the tender offer with the shares they hold and the latter two also consolidated exercise their options in the 2013 Plan / 2016 obtaining 425,000 additional shares, which also accepted the offer, to achieve the minimum of acceptances will be necessary to obtain the additional support of 36.39% of the share capital of the company.
SOME 43 MILLION FOR MANAGERS
As for incentive plans, Orange and all the beneficiaries of the Plan of Action 2013/2018 -which runs once a change of control occurs in Jazztel– are committed to sell the actions resulting from the execution, that is 3.285 million shares, to the French company to offer price of 13 euros per share.
A bid prices, this package of shares, which has a valuation of 42.7 million euros and that will be beneficiaries CEO, the secretary general and nine other directors, will be acquired after the completion of the tender offer, within the issue of shares three days Jazztel.
“In order to avoid any doubt on the assumption that supply had negative results, no transfer of shares of Jazztel irrevocable under these agreements will be made,” he explained signature .
COMMITMENTS TO SELL ASSETS
The company has stated that to obtain the approval of Brussels is committed to give an independent network of fiber to the home (FTTH) covering 720 247 real estate units, of which 600,000 are overlapped with those of Orange. This high-speed network covering 13 urban municipalities in five major Spanish cities, including Madrid, Barcelona, Valencia, Seville and Malaga are.
“The buyer has to pay a fixed price Jazztel by transfer of ownership. This price, which does not require the EC has to be negotiated with potential buyers and lead to sales within the deadline.
In addition, the French company is committed to provide access Wholesale national network of Jazztel ADSL buyer fiber network for a period of up to eight years.
“In exchange for a payment, the buyer shall grant Orange an inalienable right of non-exclusive use for a period of 35 years over 40% of the capacity of each local exchange that sold to avoid redundant deployments and migration of existing customers Jazztel connected to the divested network network, “he explained
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