Europe’s largest mobile phone operator, has shunned its traditional advisers on mergers and acquisitions
Published:
17 August 2004 y., Tuesday
Europe’s largest mobile phone operator, has shunned its traditional advisers on mergers and acquisitions with the appointment of Citigroup to weigh a possible $2 billion (£1.1 billion) bid for the Czech Republic’s Cesky Telecom.
Citigroup’s engagement is a blow to UBS and Goldman Sachs, the investment banks that advised Vodafone on lucrative bids including the mobile group’s failed tilt at America’s AT&T Wireless earlier this year and its successful takeover of Germany’s Mannesmann in 2000.
Vodafone said that it had appointed Citigroup and Ceska Sporitelna, a Czech bank, because of their stronger knowledge of the country, where the Government plans to sell its 51 per cent stake in Cesky Telecom.
The Czech Government plans to open a tender in September for its stake in the former monopoly, which is one of the most profitable telecoms groups in Europe.
Cesky comprises a fixed line business with about 3.6 million customers and the nation’s leading wireless group, Eurotel. Vodafone is unlikely to be interested in the fixed-line operations and is expected to investigate the possibility of buying only the wireless business.
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