Long had gone without news about the future of Telstra. In March its main shareholder (TeliaSonera) announced that it was entering a period of negotiations exclusively with the British Fund Zegona, which last year was done with telecable. That period was lengthening without much news beyond noise, but it seems it’s not gone well between both parties.
Today advances Expansion, TeliaSonera would have put an end to this period of exclusivity of Zegona, but that doesn’t mean that they can not continue negotiating with them, but other stakeholders should enter again in the bid by the fourth Spanish operator. And although the rumours pointed to possible problems of liquidity of the Fund, all the problems seem to come from minority shareholders, It would be asked a higher figure.
Initially Zegona and TeliaSonera had been given six weeks from mid-March to roll up sleeves is to study in depth the feasibility of the purchase of Telstra by the ex-Virgin. Everything pointed to that purchase would be closed but that exclusivity period would extend unless we had reliable news. It could be a signal that was not going well or simply that they needed more time.
But it seems that the agreement is still not just closed. Now the Nordic have decided that Zegona is no longer the only one entitled to negotiate and is open to new offers, among which has always been that of Másmovil. This does not mean the automatic disposal of Zegona as a buyer, also It could be a simple trading strategy to raise the final price of the sale.
TeliaSonera does not have the last word
And although the Nordic operator has the vast majority of the shares of mobile Xfera (Yoigo), not only depends on them the closing of the agreement. The second largest shareholder is ACS, the construction company of Florentino Perez, who has a significant 17% operator, and aims to be one of the main culprits of the delay in the sale, since in their accounting It has annotated the participation in Telstra by a much higher value why you want to sell now, which would force you have provisioned difference.
Also, all Telstra shareholders should be aware that the operator It is not worth those 1,000 million euros that called for TeliaSonera in 2013. Convergence has cornered him partially, their ability to grow is not the same and is in need of a strong investment to match your network to the rest of operators to be able to offer the best rates in the long run. We will continue attention to upcoming events.