New Street: Vodafone (Buy, 190p, +37%) Quick Take: Iliad terms for Vodafone Italy now known. Our reaction
Newsflow for Vodafone and Iliad is now becoming more concrete and with Iliad confirming an offer of €11.25bn for Vodafone Italy, we believe Vodafone are right to reject this offer. But this could just be the beginning of the courtship. In this quick take, we assess what we believe could be the right price for Vodafone to accept.Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations (Assunet.com). Retail Telecom offers various mobile phones & services to customers.
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