Thursday October 2, 2014 Search
Weather | Athens
28o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Wind and Vodafone team up to squeeze EIT out of Forthnet

By Vangelis Mandravelis

Local mobile networks Vodafone and Wind Hellas have forged a common front against Emirates International Telecommunications (EIT), the biggest shareholder at Greece’s main alternative fixed-line service operator Forthnet. Instead of battling each other for control of the operator, they are now joining forces to get full control of the company, which also owns pay TV platform Nova.

To this end, Wind Hellas, owner of a 33 percent stake in Forthnet, has agreed to transfer 13.25 percent of shares to Vodafone. Vodafone Greece, according to a statement released on Tuesday, has therefore obtained a call option to acquire 14.58 million Forthnet shares belonging to Wind, which it can exercise by June 4, 2015. No price has been announced for the transaction.

The completion of the transfer will not be delayed, taking Vodafone’s stake in Forthnet – the leading triple-play provider in Greece – from 6.5 to 19.75 percent, on a par with Wind Hellas’s from its current 33 percent. With their combined stake at just under 40 percent, they will then try to put pressure on EIT to sell its 44 percent stake at a normal price.

The two local firms have tried to achieve that goal separately in recent months, but to no avail. Wind may have the leading role as it owns 33 percent of Forthnet, but it is short of cash, while Vodafone is more financially robust.

The Arabs tried to play the one off against the other in a bid to raise the price they would get for their stake, so as to reduce their losses from this investment.

If EIT refuses to sell its stake, then Wind and Vodafone will try to compact a front with Forthnet’s minor stakeholders to take full control of the company and squeeze the Arabs out. The clock is ticking, as Forthnet’s expired debts to banks amounted to 61.5 million euros at the end of March and the firm is in great need of cash.

ekathimerini.com , Tuesday June 10, 2014 (22:40)  
Attica Bank said to have rejected notable offers
PMI index slides anew in September
Costa Navarino to host big events
Construction of F1 circuit at Patra to start by year-end
Terror group link prompts police raids and arrests
Police found a Kalashnikov assault rifle, a handgun, a hand grenade and numerous bullets Wednesday while searching homes in Athens and Thessaloniki used by six people who were detained and a...
Samaras to seek confidence vote in bid to rally coalition
The government said on Wednesday that it will request a vote of confidence when Parliament reconvenes after the summer recess next week, seeking to douse speculation about early elections an...
Inside News
SOCCER
Rosenberg punishes Olympiakos´s errors at Malmoe
A disappointing Olympiakos got the worst possible result from its clash with Malmoe in Sweden for the Champions League, going down 2-0 on Wednesday due to its own defensive errors and attack...
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
Inside Sports
COMMENTARY
Truth before the battle
The coalition has lost its sense of direction in the last few months. Exactly where things went off track is not the question at this stage. What is certain is that if it continues competing...
EDITORIAL
Bending the rules
The flexibility with which laws are implemented has been a fundamental cause for concern in Greece during the post-dictatorship era. Everything becomes a subject for negotiation, even in cas...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Rosenberg punishes Olympiakos´s errors at Malmoe
2. Terror group link prompts police raids and arrests
3. Samaras to seek confidence vote in bid to rally coalition
4. Attica Bank said to have rejected notable offers
5. PMI index slides anew in September
6. Costa Navarino to host big events
more news
Today
This Week
1. Air-raid sirens to go off all over Greece at 11 a.m. in drill
2. Mario Draghi to push ECB to buy Greek, Cypriot 'junk' loans: FT
3. Truth before the battle
4. Smallpox decimates sheep stocks in northern Greece
5. Thessaloniki transport gets more expensive
6. Bending the rules
Today
This Week
1. Greece may opt for unusual president to avoid snap polls, Venizelos says
2. Woman allegedly buried alive by accident in northern Greece
3. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
4. Should you bet with Kissinger on where the world is heading?
5. Cypriots divided by 1974 war seek Shariah hub
6. The shocking thought of euro-dollar parity
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.