3GScottishUser
23rd September 2005, 08:52 PM
MILAN -(Dow Jones)- Tiscali SpA (TIS.MI) sold its 0.3% stake in Hutchison Whampoa Ltd.'s unit (0013.HK) 3 Italy for around EUR12.5 million, Tiscali Chief Financial Officer Massimo Cristori said Friday during an analyst conference call on the first-half results.
Tiscali said earlier Friday it sold the stake to Hutchison 3G Italy Investment.
Tiscali Chief Executive Ruud Huisman stressed the stake sale is the first step toward setting up a joint venture with Hong Kong-based third-generation mobile operator Hutchison for distribution services in Italy and U.K.
Two analysts, who declined to be named, noted that the price at which Tiscali sold its 3 Italy shares implies an equity value of EUR4.8 billion for the whole company, which plans to go public by the end of the year.
Including 3 Italy's EUR5 billion debt, the company's enterprise value would be EUR9.8 billion. The figure is significantly below the EUR12 billion-EUR18 billion valuation range Hutchison expected, people close to the situation say.
Hutchison Tuesday filed the prospectus for 3 Italy's listing on the Milan Stock Exchange.
http://www.cellular-news.com/story/14181.php
Scary news for Canning Fok and all at 3 HQ Hong Kong..... bean counters now pencil sharpening.... big time!
Tiscali said earlier Friday it sold the stake to Hutchison 3G Italy Investment.
Tiscali Chief Executive Ruud Huisman stressed the stake sale is the first step toward setting up a joint venture with Hong Kong-based third-generation mobile operator Hutchison for distribution services in Italy and U.K.
Two analysts, who declined to be named, noted that the price at which Tiscali sold its 3 Italy shares implies an equity value of EUR4.8 billion for the whole company, which plans to go public by the end of the year.
Including 3 Italy's EUR5 billion debt, the company's enterprise value would be EUR9.8 billion. The figure is significantly below the EUR12 billion-EUR18 billion valuation range Hutchison expected, people close to the situation say.
Hutchison Tuesday filed the prospectus for 3 Italy's listing on the Milan Stock Exchange.
http://www.cellular-news.com/story/14181.php
Scary news for Canning Fok and all at 3 HQ Hong Kong..... bean counters now pencil sharpening.... big time!