Swiss incumbent telco Swisscom has said its stake in local marketing and media firm PubliGroupe is estimated at 98.34% based on the provisional final result of its takeover bid.
The Berne-based operator said 97.08% of all PubliGroupe shares involved in…
Swiss incumbent telco Swisscom has said its stake in local marketing and media firm PubliGroupe is estimated at 98.34% based on the provisional final result of its takeover bid.
The Berne-based operator said 97.08% of all PubliGroupe shares involved in the bid were tendered by the end of the expiration period on 25 August.
Swisscom plans to announce the definitive final result and expected completion date on 29 August.
The telco has agreed to incorporate PubliGroupe’s online directories and search businesses in a joint venture with local media firm Tamedia. Swisscom will own 69% of the JV and consolidate it, while Tamedia will hold the remaining 31%.
In mid-June, Swisscom boosted its PubliGroupe offer to SFr214 (US$238) per share, valuing the takeover at about SFr492m (US$548m). PubliGroupe’s board of directors subsequently recommended shareholders accept it.
Swisscom’s primary motivation for the deal is to take full control of the online businesses, aiming to transform them into a local alternative to Google.
If the takeover is successful, Swisscom intends to sell PubliGroupe’s minority holdings in several media companies.
Both the PubliGroupe takeover and the partnership between Swisscom and Tamedia are subject to the approval of Switzerland’s Federal Competition Commission.
