🚀 ProPicks AI Hits +34.9% Return!Read Now

Orange board could make MasMovil counterbid, says El Economista

Published 04/06/2020, 08:04
Updated 04/06/2020, 08:05
© Reuters. FILE PHOTO: Logo of French telecoms operator Orange
ORAN
-
MSM
-
KKR
-

MADRID (Reuters) - The board of French telecoms giant Orange (PA:ORAN) could discuss a possible counterbid for Spanish rival MasMovil (MC:MSM) this week, El Economista newspaper reported on Thursday, citing unidentified industry sources.

The Orange board could meet as early as Thursday, the newspaper said, after an alliance of buyout funds KKR (N:KKR), Cinven and Providence this week said they had made a 2.96 billion euro ($3.3 billion) offer backed by the Spanish company's board.

A spokesman for Orange did not reply immediately to a Reuters request for comment.

Since the announcement on Monday, MasMovil shares have traded above the 22.50 euros the funds offered, suggesting that investors expect higher rival bids or an increased offer from the the private equity trio.

© Reuters. FILE PHOTO: Logo of French telecoms operator Orange

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.