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Would you turn down 130 billion euros

Would you turn down 130 billion euros

Old Jun 17th 2013, 9:21 am
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Default Would you turn down 130 billion euros

http://online.wsj.com/article/BT-CO-...16-701714.html

The Spanish government blocked a friendly takeover bid on 100% of Telefonica SA (TEF, TEF.MC) from U.S. telecom giant AT&T Inc. (T), which would have entailed a disbursement of some 70 billion euros ($93.5 billion) in addition to taking on EUR52 billion in debt, reports El Mundo in its Monday Internet edition.
If true (and Telefonica are trying to deny there was an official bid) that's a lot of cash to turn down. But could it have been a wise decision, to safeguard Spain's telecomms industry for the future?

Personally, and despite thinking that Telefonica does have a great future (think M2M and big data revenues) I think this is a big mistake, unless they're just holding out for a bigger offer. That money could have been used to cut taxes (esp for autonomos) help people into work, and provide housing safety nets for those losing their home.
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Old Jun 17th 2013, 9:32 am
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Default Re: Would you turn down 130 billion euros

Telefonica denying knowledge (plausible deniability?) whilst the report states that AT&T approached the Spanish government directly

http://www.marketwatch.com/story/tel...bid-2013-06-17
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Old Jun 17th 2013, 12:16 pm
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Default Re: Would you turn down 130 billion euros

Originally Posted by steviedeluxe View Post
http://online.wsj.com/article/BT-CO-...16-701714.html



If true (and Telefonica are trying to deny there was an official bid) that's a lot of cash to turn down. But could it have been a wise decision, to safeguard Spain's telecomms industry for the future?

Personally, and despite thinking that Telefonica does have a great future (think M2M and big data revenues) I think this is a big mistake, unless they're just holding out for a bigger offer. That money could have been used to cut taxes (esp for autonomos) help people into work, and provide housing safety nets for those losing their home.


That is not whow things are done in this part of the world.
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