2nd UPDATE: Colombia's ETB Delays Controlling-Partner Search
2009年9月19日 - 7:15AM
Dow Jones News
Colombia's state-owned telephone company Empresa de
Telecomuncaciones de Bogota SA (ETB.BO) postponed the process of
seeking a controlling partner, sending its share price down 6.5%
Friday.
ETB said on its Web site that it will hold a public auction to
pick a controlling partner on Dec. 21 instead of Oct. 16.
Andres Perez, the company's general secretary, said the date
change was made for technical reasons unrelated to potential
interest in the auction.
Perez declined to give details about any companies that may have
expressed interest in the auction, though he did say the process
"is on a good path."
The delay comes two days after the company revealed the workers'
labor union filed a lawsuit to block the process.
Perez said the company is "tranquil" about any possible
ramifications of the lawsuit.
ETB, which is controlled by the city council, plans to sell new
shares, equivalent to a 36.6% stake, to the new partner, which will
be selected during a public auction to be held around Dec. 21. The
winner will be the one that offers the highest price per share.
The city council, which controls the company, will change its
current shares into non-voting shares.
The new partner will then commit to hold a tender offer to buy
minority shareholders' stakes at the same price as offered in
December. In the case all minority shareholders decide to leave the
company, the partner would end up with a stake close to 49%, but
with a majority of voting shares.
That part of the process pushed the price upward over the past
few months as investors speculated that the new controlling
shareholder would pay a significant premium to get control of ETB,
said Estefania Leon, a market analyst with local brokerage
Correval.
The company also delayed the deadline for the tender offer to
June 9, 2010, instead of April as was originally scheduled.
The company's shares had gained 41% between July 6, when the
company announced the process, and Wednesday, when it revealed the
lawsuit. The price fell 10% between Wednesday and Friday and 6.5%
on Friday alone to close at 1,150 Colombian pesos ($0.59).
"The price will fall more than that, because it is now clear
that the process will take much longer than expected," said
Leon.
ETB needs capital to face rising competition from Spain's
Telefonica SA (TEF) and Mexico's Telefonos de Mexico SA (TMX).
ETB's revenue from fixed-line and long-distance calls is
stagnating as the three companies now offer fixed-line, Internet
connection and cable TV bundled together, a service known as triple
play.
ETB is controlled by the Bogota city council, which holds
86.59%, while minority shareholders have the remaining 13.41%,
according to the company's Web site.
-By Inti Landauro and Taos Turner, Dow Jones Newswires; 57-1-610
70 44 Ext. 1131; colombia@dowjones.com