Berne, 08 September 2010
With its takeover offer, Swisscom intends to take over Fastweb in full and to delist the company from the Milan stock exchange. Given the dynamic market development in Italy, the full takeover will give Swisscom greater strategic and operational flexibility.
Swisscom will offer a takeover price of EUR 18 per share in cash. This represents a premium of EUR 4,63 or 34.6% on yesterday's official share price. The full acquisition of Fastweb is therefore expected to cost Swisscom up to EUR 256 million. Swisscom will finance the purchase price from its own funds or via an existing credit line. Irrespective of the deal, Swisscom will be in a position to pay a dividend in 2011 equivalent at least to the prior-year amount. Swisscom will also retain the necessary financial reserves for any further deals.
The public takeover offer to the remaining shareholders of Fastweb will not affect the company's identity, which will remain Italian. Fastweb is positioned as a strong alternative to the incumbent provider and continues to commit high investments to Italy's network infrastructure.
Swisscom will shortly submit its offer prospectus to the Italian stock exchange regulator Consob. The offer will be subject to a minimum acceptance level of 95% and the offer period will begin as promptly as possible after Swisscom is given the green light by Consob.