wird Vodafone Mannesmann mit 15-25 Milliarden
Kicky : wird Vodafone Mannesmann mit 15-25 Milliarden
Vodafone's directors will on Tuesday discuss whether the mobile phone group should write down the value of the large acquisitions made during a buying spree that made it one of Europe's biggest companies.
The board is meeting to discuss Vodafone's annual results, which are due on May 28.
The company is likely to announce write-offs for some of its small, listed businesses. But there is speculation among analysts and investors that it may also make a much bigger write-down of goodwill, estimated at between £15bn and £25bn, resulting from its takeover of Mannesmann, the German industrial company for which it paid £113bn two years ago.
However, the company may continue to resist acknowledging impairment, on the grounds that the market underestimates the true value of the former Mannesmann operations and that the amount of goodwill is not inappropriate for the business as a whole.
Vodafone's market value of £73bn is much lower than the £153bn of fixed assets on its balance sheet as at last September, which included £103bn of intangible assets. These included goodwill and the purchase prices for third-generation mobile licences in Europe.
"I would not be the slightest bit bothered by a write-down," said Terry Sinclair, an analyst at Schroder Salomon Smith Barney.
Such an announcement would be the latest in a string of multi-billion dollar write-offs resulting from the overheated technology and telecoms merger and acquisition boom of two years ago.
Jean-Marie Messier, the embattled chairman of Vivendi Universal, faced criticism when the French media group announced a E15.7bn write-down.
If Sir Christopher Gent, Vodafone chief executive, resists a big write-down on Mannesmann, he will be following Ron Sommer, head of Deutsche Telekom, who has faced criticism for not writing down goodwill from Deutsche Telekom's purchase of VoiceStream, a US wireless company.
Kicky : Macht Vodafone aus Japan Telecom Sushi?
aus der börsenzeitung
hattest mal wieder recht reinyboy!unglaublich gutes Gespür haste
Kicky : +1,35% heute
The shares briefly came off the boil after Japan Telecom and Tokyo Electric said no talks were taking place, but went up again on hopes a sale may yet go through, and on optimism for next week's results.
"Even though they have denied it people are just hoping that someone will pick off this business. So far all Vodafone has done is buy and buy and buy, and this would be the first time they would be saying that something was not working and they want to sell it off," said a trader.
"People are trying to be bullish about the results coming up next week. There's lots of talk about a dividend increase, a capital spending cut -- which the market will like -- even talk about a share buyback proposal. That's what's doing it," said one technology share analyst.
Kicky : Vodafone fällt 7,1% vor Report morgen
Some 420 million Vodafone shares traded, just above the average daily volume and making it easily the most active UK stock.
Analysts expect Vodafone to write billions of pounds off its balance sheet on Tuesday as it reassesses the value of purchases made during the technology and telecoms boom. They said Vodafone is expected to write down at least eight billion pounds in the value of its assets, and the figure could be as much as 25 billion pounds.
Vodafone's late-session slide knocked 23 points off the benchmark index
Dealers said more important will be insight provided on prospects for the year to March 2003 after reduced guidance for its German and Italian operations earlier this month heightened concern about slowing growth prospects for wireless operators.
tja hätt ich man doch den Put 746029 genommen!
France Telecom fällt ebenfalls,nur die Deutsche Telekom steigt?bei Gewinnaussicht ab 2005?
Idefix1 : Gottes Mühlen mahlen langsam aber schrecklich
Die britische Arroganz, unbedingt sich Mannesmann einverleiben zu müssen, war keinen Deut intelligenter als Telekoms US-Wahnsinn.
Insofern hat Vodafone noch einen beachtlichen Teil des Abwärtstrends vor sich, während DTE nun einen Boden ausbilden sollte.
Da fällt mir ein, daß ich meinen EUREX-Berater anrufen muß - der hat mich nämlich Anfang Mai gefragt, wo nach meiner Meinung DTE hinmarschiert und ich hab - wohl wissend, daß er DTE-Calls hatte - einfach 11,... gesagt. Und er antwortete "halb beleidigt": never. Hab ich jetzt mit ihm darüber auch eine Flasche Schampus gewettet ? (solche Wetten passieren häufiger, aber langsam verlier ich den überblick. Ich sollte langsam Buch führen und meinen Weinkeller ausbauen)