Vodafone gets enough shares for $10 billion Kabel Deutschland takeover

Thu Sep 12, 2013 3:56pm EDT
 
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FRANKFURT (Reuters) - Vodafone (VOD.L: Quote) has secured enough shares in Kabel Deutschland KD8Gn.DE for its 7.7 billion euro ($10 billion) offer for Germany's largest cable company to succeed, Vodafone said on Thursday.

"The 75 percent minimum acceptance condition has been met," Vodafone said in a statement on Thursday, adding that it would publish details on Monday of the number of shares tendered.

Vodafone's 87.00 euro per share offer for Kabel Deutschland, which includes a 2.50 euro dividend payment, ended on September 11.

The British company, which this month agreed the sale of its stake in U.S. operator Verizon Wireless for $130 billion, wants to buy Kabel Deutschland to offer more television and fixed-line services in Germany, its largest European mobile market.

Vodafone said Kabel Deutschland shareholders who had not accepted the offer yet may be given an additional chance to do so between September 17 and September 30.

It also said the deal still needed regulatory clearance from the European Commission, with the completion of a first review expected by September 20.

STEALING A MARCH

So-called "quad-play" services offering TV, broadband, mobile and fixed-line telephony have caught on rapidly in markets such as France and Spain, but the largely fragmented German cable market is still some way behind.

This means a deal for the cable company could enable Vodafone to steal a march on rivals such as Liberty's Unity Media and Deutsche Telekom (DTEGn.DE: Quote).   Continued...

 
A surveillance camera is pictured in front of the headquarters of Vodafone Germany in Duesseldorf September 12, 2013. REUTERS/Ina Fassbender