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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Swisscom AG (PK) | USOTC:SCMWY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.79 | 1.42% | 56.45 | 54.87 | 57.43 | 56.45 | 55.62 | 55.62 | 9,266 | 21:05:08 |
BARCELONA--The chief executive of Vodafone Group PLC (VOD.LN) on Wednesday said the U.K. telecom giant is looking for more fixed-line assets to complement its existing wireless services.
"It is not a secret that at the right price we would be interested in getting more fixed assets," Vodafone CEO Vittorio Colao said at a telecom, media and technology conference.
Mr. Colao said Italy is one of the countries on the operator's radar for opportunities, but he warned that a deal "must be at the right price."
Vodafone has been previously linked to interest in Swisscom AG's (SCMN.VX) Italian broadband business Fastweb. Vodafone declined to comment. Swisscom wasn't immediately available to comment.
Italy is one of Vodafone's key European markets, but revenue has declined there amid tough macroeconomic conditions and depressed consumer sentiment.
"We all got engaged in a big price war," Mr. Colao noted, adding that Italy is a "liquid" market--predominantly with non-contract mobile customers--that can either decline or grow rapidly.
Still, Mr. Colao said Italy's performance could recover quickly if the telecom operators there stabilize the market through the right pricing.
Vodafone is building out its fiber network in the country to boost speeds and attract more consumers, aiming to reach 6.4 million homes by 2016, up from 2.9 million.
"We are starting to ramp up the marketing" on fiber, he said.
Spain has been another tough market for Vodafone, and Mr. Colao said a recovery, in comparison to Italy, will take longer.
Still, Mr. Colao said the company's "quadruple-play" offer of fixed telephony, mobile, Internet broadband and television in Spain, built out through the acquisition of cable operator ONO, is bringing benefits.
"Quadruple play has completely reset the market into a totally different place," he said.
Earlier this month, Vodafone reported an improving performance across its key European markets, even as it posted a sharply lower fiscal first-half profit.
In Italy and Spain, second-quarter revenue excluding handset sales and mergers and acquisitions fell 9.7% and 9.3%, respectively, narrower than the declines of 16% and 15% in the previous three months.
Vodafone, based in Newbury, England, has been stung in recent years by its high exposure to Europe's anemic wireless markets. The operator wrote down the value of its operations in the region by more than $11 billion earlier this year.
Vodafone has spent $20 billion on cable operators in Germany and Spain in recent times to bolster its position.
Write to Simon Zekaria at simon.zekaria@wsj.com
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