Schimbare de actionari Connex & Cosmorom

OTE strange bani pentru concurentii din Romania  
 
Grupul elen renunta la investitiile in propriul operator de telefonie mobila, dar vrea sa cumpere unul dintre competitori. Cosmorom inghitita intr-o firma mixta, in jur de un milion de numere de telefon cumparate de la un alt operator pe sistemul retelei virtuale de telefonie mobila, plus mai multe sute de milioane de dolari investiti, inclusiv in actiuni.    
 
Acesta este planul cel mai probabil pe care operatorul grec de telefonie OTE, actionarul majoritar al RomTelecom, il va aplica in Romania. Atat pentru analistii de telefonie mobila, cat si pentru conducerea OTE un lucru este absolut sigur in momentul de fata: Cosmorom nu mai poate fi resuscitat.  
"In aceasta industrie este aproape imposibil sa mai scoti din moarte clinica un operator care vreme de doi ani nu a mai facut absolut nimic pe frontul investitiilor in infrastructura. OTE isi poate lua adio de la Cosmorom", spune John Jensen, analist la JP Morgan. Opinia analistului britanic este impartasita si de Iordanis Aivazis, vicepresedintele executiv al OTE International. "Nu cred ca vom mai investi ceva in Cosmorom", ne-a spus Aivazis. Pierderile inregistrate anul trecut de operatorul de telefonie mobila au fost de peste 50 milioane de dolari.  
In aceste conditii, la inceputul lunii, fluxurile agentiilor de stiri cuprindeau o stire in care il citau pe seful OTE, Lefteris Antonakopoulos, spunand ca a mandatat Deutsche Bank sa identifice noi oportunitati in Romania, el indicand mai multe variante.  
De fapt, OTE a cerut bancii germane sa intermedieze lansarea unei emisiuni de obligatiuni pe termen scurt, a carei valoare este cuprinsa intre 500 si 650 milioane de dolari.  
"O data ce acesti bani vor fi stransi, grupul elen va negocia cu unul dintre operatorii puternici de telefonie mobila de pe piata mai multe variante de afaceri", spune Darren Curtis de la Deutsche Bank. Darren Curtis se ocupa printre altele si de analiza evolutiei grupului britanic Vodafone, care detine 20,1% din actiunile MobiFon  
Una dintre variante ar fi ca OTE sa cumpere pachetul majoritar de actiuni al Connex. Pentru asta, Deutsche Bank a fost mandatat sa contacteze fondurile de investitii care detin participatii la MobiFon, adica ROMGSM si EMP- AIG Emerging Europe Infrastructure Fund (14,4% si respectiv 5,68%), dar si Vodafone, care are 20,1%. In decembrie 2002, EMP a platit 42,5 milioane de dolari pentru 5,68% din actiuni, ceea ce face ca valoarea de piata a celui mai important operator de telefonie mobila din Romania sa fie de aproape 840 milioane de dolari. Inainte de tranzactia din decembrie, Telesystem International Wireless (TIW) detinea prin filiala olandeza ClearWave 63,5% din Connex.  
Ted Lattimore, presedintele Connex spune ca nu a fost contactat pana acum de nici unul dintre oficialii OTE. "Daca OTE va dori sa discute cu TIW atunci va trebui sa contacteze conducerea din Canada", explica Lattimore.  
Mark Boutet, purtatorul de cuvant al TIW, spune ca "discutiile pe care le avem cu parteneri potentiali nu se mediatizeaza decat in cazul in care se concretizeaza ceva". In momentul de fata TIW are datorii de aproape un miliard de dolari, asa ca o vanzare de actiuni este oricand posibila. E greu de crezut insa ca firma canadiana va vinde perla coroanei (profitul operational inregistrat anul trecut de MobiFon a fost de 144,6 milioane de dolari).  
Darren Curtis spune insa ca in cazul in care nu va reusi sa cumpere pozitia de control a unuia dintre operatorii de telefonie mobila rivali, "OTE va incerca sa urmeze modelul grupului britanic Virgin, care a devenit celebru in toata lumea datorita sistemului pe care l-a promovat in telefonia mobila". In Marea Britanie, de exemplu, Virgin este un operator de retea mobila virtuala (MVNO). Mai exact, Virgin cumpara angro numere de telefon (abonamente si cartele preplatite) ale unui operator deja existent pe piata si le revinde ulterior sub propriul brand.  
"Nu excludem aceasta varianta de a ramane pe piata de telefonie mobila din Romania. Agream insa varianta cumpararii unui pachet semnificativ de actiuni, pentru care suntem pregatiti sa platim 500 milioane de dolari", spune Aivazis.  
Practic, in cazul in care se vor intelege, OTE ar urma sa infiinteze cu MobiFon o firma mixta care va cuprinde si Cosmorom. Noul operator, pentru care se va gasi un nume nou, va vinde atat numere ale Connex, cat si ale Cosmorom.  
MobiFon, care va asigura doar partea tehnica, va primi o taxa fixa la care se adauga o parte din profitul obtinut din trafic (minutele vorbite).  

 
Dragos Nedelcu
CAPITAL    

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Greek telecoms operator OTE said on Thursday it could consider spending up to another half billion euros  in Romania, one of its key markets, on mobile business also weighed.
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TotalTele  

OTE Announces Statement Regarding Cosmorom S.A.  
Tuesday May 27, 6:57 am ET  

ATHENS, Greece--(BUSINESS WIRE)--May 27, 2003--
Hellenic Telecommunications Organization SA, the Greek full-service telecommunications provider, announces that Cosmorom S.A. (Cosmorom), the wholly owned consolidated mobile telephony subsidiary of RomTelecom S.A. (RomTelecom) and an indirect non-material subsidiary of OTE, has not reached agreement to date with its principal equipment supplier on the payment of outstanding trade liabilities claimed by the supplier to be owed by Cosmorom in the amount of approximately EUR100 million, plus interest. Negotiations are continuing. OTE is not willing at this time to provide additional funds by way of shareholders' contributions or loan finance to enable Cosmorom to discharge such liabilities in full as it has no legal obligation to do so. OTE International, together with the other shareholder in RomTelecom, the Romanian State, are examining options in respect of the status of Cosmorom.  
The failure by Cosmorom to make payment of outstanding trade liabilities owed to its equipment supplier caused a non-payment default by OTE under the EUR1.1 billion 6.125% guaranteed notes due 2007 (issued by its subsidiary OTE PLC and guaranteed by OTE) and OTE's US$1.0 billion senior loan facility, as OTE has become RomTelecom's majority shareholder in March 2003. OTE is addressing such non-payment defaults by, among other measures, seeking appropriate waivers from noteholders and the syndicate of financial institutions participating in the loan facility.  

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S&P may cut OTE l-t corp credit rating  
Tuesday May 27, 11:27 am ET  

(The following statement was released by the ratings agency)
NEW YORK, May 27 - Standard & Poor's Ratings Services said today it placed its 'A' long-term corporate credit rating on Greece-based telecommunications services provider Hellenic Telecommunications Organization S.A. (OTE) on CreditWatch with negative implications. At the same time, the 'A' senior unsecured debt rating on related entity OTE PLC was also placed on CreditWatch with negative implications. The rating actions follow a payment failure by CosmoRom, a subsidiary of OTE's Romanian subsidiary RomTelecom, the fixed-line Romanian telecoms operator.

"The CreditWatch placement primarily reflects the activation of a cross default clause in OTE's guaranteed bond indenture and its senior loan facility, following the payment failure by CosmoRom," said Standard & Poor's credit analyst Simon Redmond. "As a result, bondholders have the right to full repayment of principal and accrued interest, for as long as the cross default is outstanding."

The CreditWatch placement also follows a series of developments that, taken together, could result in a rating change or outlook revision. These include the statement of OTE's potential future interest in other mobile operators in Romania ; the recommencement of the group's share buyback scheme; and OTE's evolving domestic competitive and regulatory environment, which put pressure on the ratings following the group's acquisition of a controlling stake in RomTelecom.

"In order to resolve the CreditWatch placement, Standard & Poor's will meet with management to seek clarification with regard to CosmoRom and will reassess OTE's strategy and financial policy, particularly with regard to non-Greek assets," added Mr. Redmond.

In addition, particular focus will be placed on OTE's ability to sustain cash generation, the group's near- and medium-term investment requirements, and the expected evolution of the group's business risk profile. An update or resolution of the CreditWatch is expected in the next month.

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OTE's Romanian Mobile Strategy  
by: megatrader1 (36/M)  05/26/03 08:43 am
Msg: 24327 of 25231    

will be decided today by OTE's Board of Directors. OTE intends to buy a controlling stake in Mobifon or Orange Romania for 500M Euros ($590M) plus the assets of CosmoRom (valued at $100M). Alternatively, they will discontinue CosmoRom and start a new Mobile division of RomTelecom (the fixed line operator 51% owned by OTE) by leasing network facility from Mobifon or Orange Romania.

It is unlikely that they will be able to buy controllin stake from Orange which 68% of Orange Romania. Buying TIWI's stake in Mobifon is more likely. However, $600M plus CosmoROM assets may notbe attractive to TIWI. They need to increase the offer. Also, Vodafone may outbid OTE for contolling stake in Mobifon.

The most likely desicion for OTE Board will be to lease network facility from Mobifon or Orange Romania. There may be a news announcement about this afternoon or tomorrow.

Here is the news text about the OTE Board meeting...

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OTE's Romanian Strategy Update  
by: megatrader1 (36/M)  05/27/03 12:49 pm
Msg: 24381 of 25231    
 
If you read OTE's PR today, you will see that they decided not to pay CosmoRom's 100M euros trade payables debt. CosmoRom mobile is owned by their 51% controlled fixed line operator RomTelecom. This could put OTE's $1B debt in default. OTE is a financially strong company and will not let this situation stand very long. IMO, the reason why they elected not to pay this debt is because of a new mobile deal they may announce soon .

I think there will be an OTE announcement regarding their Romanian mobile strategy in their Q1 earnings CC this Thursday. This may have an important effect on TIWI .  

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Re: OTE's Romanian Strategy Update  
by: megatrader1 (36/M)  05/27/03 03:26 pm
Msg: 24391 of 25231    
 
Jge,

IMO, OTE news will be positive for TIWI because it will set a minimum market value for TIWI's Mobifon assets. $700M for 51% of Mobifon which translates into $1.20 per TIWI share.

It is unlikely that neither Orange nor TIWI will agree to sell a controlling stake to OTE. $700M offer is too low especially for TIWI's (Clearwave's) 51% stake in Mobifon.

OTE will likely trade CosmoRom assets with OrangeRom or Mobifon for a deal to have Rom Telecom access to their mobile networks. A network deal with OTE will be positive for Mobifon . An OTE/Orange network deal will be neutral as Orange/OTE deal is harder to implement.

In any case failed OTE efforts to buy Romanian mobile assets will increase perceived valuation of Mobifon and this will be very good for TIWI.  

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TIW Statement  
Thursday June 5, 9:24 am ET  

MONTREAL--(BUSINESS WIRE)--June 5, 2003--At the request of the TSX, Telesystem International Wireless Inc. ("TIW") confirms that there have been no recent material corporate developments to account for the recent trading activity in the shares of the Company.  
As mentioned in its latest quarterly financial statements, the Company continues to review opportunities to refinance its corporate debt, raise new financing and sell assets  .  

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Romtelecom writes down value of mobile unit - paper  
By Reuters staff
18 June 2003  

Romanian telco has written down value of Cosmorom to E15.6m , reports say.

Romtelecom, Romania's main phone company which is controlled by Greece's OTE, has written down the value of its ailing mobile unit Cosmorom, Greek daily Naftemboriki reported on Wednesday.

Citing unidentified sources, Naftemboriki said Romtelecom's board decided to write down the value of Cosmorom to 15.6 million euros ($18.4 million) when it met this week in Bucharest to approve its 2002 accounts. The paper did not provide a value for the investment before the write-down.

Romtelecom's auditors said the smallest of Romania's three mobile operators was unlikely to recover from being unprofitable and cited a lack of support from shareholders, the paper said.

OTE officials could not be immediately reached for comment.

Analysts said the move was likely to have an impact on OTE's consolidated audited 2002 accounts. One analyst estimated the previous value of the Cosmorom investment at something under 159 million euros.

OTE said in February its unaudited U.S. GAAP 2002 net profit fell a sharper-than-expected 9.4 percent to 358.1 million euros after it wrote down the value of investments in Armenia, Yugoslavia and Romania.

In Romania, the write-down was 1.4 million euros for Romtelecom, in which it then had a 35 percent stake.The Greek operator fully consolidated Romtelecom in March this year, after raising its stake to 54 percent.  

TotalTele  

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