Cloudcall Share Discussion Threads

[grupo guitarlumber] 05/3/2004 14:27

LONDON, February 23 (New Ratings) – Analysts at Dresdner Kleinwort Wasserstein reiterate their “buy” rating on France Telecom (FTE). The target price is set to €29

[maywillow] 13/1/2004 08:57

(Updating with comment from sources confirming report, comments from
European Commission)
PARIS (AFX) - Preliminary findings from NERA Economic Consulting's probe
into France Telecom on behalf of the European Commission suggest the company has
benefited from state aid, Les Echos reported, without naming its source.
It said NERA is expected to continue its probe until April or May but that
its early conclusions are that oral commitments to France Telecom's future on
the part of the French government are legally binding and have had the effect of
supporting the share and easing the company's access to cheap credit.
Les Echos reported that NERA has also found that private participation in
France Telecom's capital hike followed, rather than coincided with the
government's participation and that the unused 9 bln eur state credit line can
effectively be considered as aid.
Sources close to the case told AFX News that NERA has in fact endorsed the
commission's line in its preliminary report but added that the final report will
not be submitted to the commission until April or May.
Commission spokesman for state aid, Tilman Lueder, declined to comment on
the ongoing probe.
[e-mail]
mrg/jad/ed/jad
NNN

[grupo guitarlumber] 12/1/2004 07:50

LONDON (AFX) - Britain's mobile phone companies believe they have found
crucial evidence to support an attempt they are making to claim back 3.35 bln
stg in VAT from the public purse, the Times claims.
The five operators are expected to base their claim, which will be heard in
VAT tribunals in the next few weeks, on a High Court judgment that implies that
the money should be refunded, the paper said.
The judgment in question states that the government's 22.5 bln stg auction
of third-generation mobile phone licences -- on which the five operators say a
VAT refund is due -- was conducted in a "commercial capacity... to maximise the
revenues of the state".
This phrasing is thought to be significant, because if a minister acts on an
economic basis, VAT should be levied under EU law. Businesses, such as the
telecoms groups, do not pay VAT, and, in theory, a 3.35 bln stg refund of the
implied VAT would be due, the Times said.
ijl/ak

[maywillow] 17/10/2003 07:53

PARIS (AFX) - The government is considering a plan to increase the fees paid
by mobile phone operators for their GSM operating licenses, French daily Le
Figaro reported.
Although current licenses held by Orange and SFR do not expire until 2006,
and that of Bouygues Telecom in 2009, the government must announce any changes
to the GSM license terms two years in advance, the report said.
The Finance Ministry is considering either a tax based on GSM revenues, or
an increase in the one-time license acquisition fee, and possibly a mix of both
measures, Le Figaro said, citing sources close to the matter.
An increase in the duration of the license, currently set at 15 years, or
else an obligation to extend GSM network coverage, are also be being considered,
the report said.
[e-mail]
js/jsa

[waldron] 16/10/2003 06:51

BRUSSELS (AFX) - The heads of Europe's biggest telecoms companies urged the
EU Commission to soften obligations for third-generation mobile phone licences,
the Financial Times reported.
At an industry summit in Brussels, executives asked information society
commissioner Erkki Liikanen for help in encouraging the rollout of 3G, steering
clear of new regulations and stimulating broadband content.
Participants in the meeting included the chief executives of Deutsche
Telekom, France Telecom, BT, Philips and Ericsson.
The executives called for the EU to "review licence conditions, since 3G
delays have made the initial conditions in some markets (e.g. Sweden) unduly
stringent and unrealistic", the FT reported.
They also say "there is a need for industry consolidation in many European
countries (which) could imply exchanging assets, customers, sites and spectrum
among licensed players".
Such options are currently restricted by the terms of the licences in many
jurisdictions.
In documents seen by the newspaper, the executives estimate that the cost of
3G licences has totalled 110 bln eur, with rollout costing an additional 105
bln, of which only 12 bln has been spent.
[e-mail]
jms

[waldron] 16/10/2003 05:35

HELP! Help me if you can, as i feel my profits are down, down, down.

[maywillow] 15/10/2003 11:34

BRUSSELS (AFX) - The European Commission said it extended its antitrust
probe into state aid for Alstom to cover an additional 1.1 bln eur of funding
measures announced on Sept 22.
The probe by the commission's competition authorities will now examine 2 bln
eur of short-, medium- and long-term funding plus the 65 pct of bank guarantees
totalling 3.5 bln that the state has underwritten.
[e-mail]
jms

[maywillow] 08/10/2003 10:24

PARIS (AFX) - EU competition commissioner Mario Monti said his team will
examine the planned merger of Groupe Air France SA and KLM Royal Dutch Airlines
NV in a constructive manner, in an interview with french radio Europe 1.
"This is a very interesting case," Monti said. "Obviously, we are going to
examine it in a constructive manner, because we recognize the need for more
consolidation" in the airline sector, Monti said.
Concerning the French government's planned 3.2 bln eur rescue package for
the ailing engineering group Alstom, to be investigated by the EU Commission,
Monti said the Commission "is not trying to push Alstom into bankruptcy."
"Europe allows financial aid and restructuring plans, as long as they
conform" with EU rules on state aid, he said.
The Commission blocked an original rescue package proposed by the French
government, since it would have seen the state take a direct 30 pct equity stake
in Alstom before the Commission had ruled on the legality of the aid.
Monti also said that in the case of Bull, which has yet to repay a 450 mln
eur loan from the French government that was due last Summer, the company had
already received restructuring aid from the government in the past.
"One strict condition is the non-repetition of financial aid," Monti said.
"We do not allow the permanent use of life support" for companies.
"You can imagine what kind of situation the French and European economies
would be in if each state could grant aid without any restrictions," he added.
The European Commission said earlier this month it plans to take the French
government to the European Court of Justice to recover the 450 mln eur rescue
aid package for Bull.
[e-mail]
js/jc

[maywillow] 03/10/2003 18:45

PARIS (AFX) - Thales SA chief executive Denis Ranque denied rumours of an
imminent shake-up of the group's shareholding structure, saying neither the
state nor Alcatel has expressed an interest in selling their stakes soon.
"The rumours surrounding Thales are not justified," Ranque said in an
interview with the Journal des Finances magazine, to be published tomorrow.
"I think that it's up to each of our shareholders to make their own
decisions but, for the moment, neither Alcatel, nor the state has shown any
interest in seeing their stakes change in the short term," he said.
Alcatel holds a 9.5 pct stake in Thales and the French state has 31.8 pct.
Dassault Aviation holds a 5.9 pct stake, while Thales holds 5.6 pct of its own
shares as treasury stock. The remainder, 47.4 pct, is traded on the stock
market.
Ranque has stated in the past that he eventually hopes to see the French
government divest its stake.
He reiterated in the Journal des Finances interview that "Thales needs
shareholders, like any company, but it is not vital to have support from
industrial partners" as shareholders.
"I bet that the evolution of Thales' shareholding structure will be
surprising. The best things are prepared in secret," he added.
Ranque also repeated his aim of developing its naval activities, but refused
to comment directly on Thales' interest in the potential acquisition of the
German shipyard Howaldtswerke Deutsche Werft AG (HDW), owned by Bank One Corp
unit One Equity Partners.
"We do not need to own a shipyard to be a big player in the naval business,"
he said. "The essential thing is to avoid creating a monopolistic structure,
which would exclude us from certain contracts and keep us from remaining a major
player in this market."
Earlier this week, Thales's Francois Lureau, director of the group's Defence
unit, said the company is in talks with France's state-owned Direction des
Constructions Navales (DCN) to link the companies' naval activities.
[e-mail]
js/jsa

[maywillow] 01/10/2003 15:18

BRUSSELS (AFX) - The European Commission said it agreed this morning to take
the French government to the European Court of Justice to recover a 450 mln eur
rescue aid package it granted to ailing computer company Bull.
On Nov 11 last year, the commission granted this lifeline to keep Bull
afloat for six months because of the "serious social difficulties" faced by the
company.
The French government failed to retrieve the loan by June 19 as required
under EU state aid law, prompting a commission inquiry.
Highly-placed officials told AFX News last month that competition
commissioner Mario Monti would take court action against France to retrieve the
rescue aid.
[e-mail]
ed/jdy/cw

[grupo guitarlumber] 23/9/2003 11:36

(Updating to add Mer quotes)
PARIS (AFX) - Finance Minister Francis Mer said he expects the results of
the European Commission's probe into Alstom's rescue plan around Easter 2004.
He said the state will not rescue Alstom again in the future and was
responding this time to exceptional circumstances, not fundamental weaknesses.
He said the plan will eventually cost the taxpayer nothing as: "the money is
not lost, it is invested".
The new rescue plan agreed last night for Alstom will have similar effects
as the original plan floated in August and rejected by the European Commission,
Mer said, speaking on Europe 1 radio.
Mer also said he expects the company will need to restructure in order to
implement the plan.
Commenting on the prospects of EU acceptance of the rescue plans, Mer said
there was no comparison with the costly bailouts of Credit Lyonnais: "There is
no subsidy, just loans, grants by both banks and the state in market
conditions".
It is not the state's job to be constantly bailing out companies", Mer said.
[e-mail]
mrg/cmr

[maywillow] 22/9/2003 19:42

NANCY, France (AFX) - Prime Minister Jean-Pierre Raffarin said troubled
engineering company Alstom has been saved from bankruptcy, after all partners
have approved a new rescue plan.
"Alstom is saved," Raffarin said. "Confirmation has come from all partners"
over the state-backed 3.2 bln eur rescue package for the company.
[e-mail]
lwl/jlw

[waldron] 22/9/2003 16:01

BRUSSELS (AFX) - EU competition commissioner Mario Monti said a revised
rescue plan for troubled engineering firm Alstom satisfies the European
Commission's requirements under competition rules.
Under the modified package, the French government will no longer hold a
direct stake in Alstom, Monti said.
The overall value of the aid will probably be higher than the 2.8 bln eur
originally proposed, he said.
Monti's announcement follows days of intensive talks after the commission
last week gave the French authorities until today to come up with an alternative
plan.
The commission had been concerned that any state aid to the company should
not be irreversible.
vm/rf/kl

[maywillow] 21/9/2003 14:18

MILAN (AFX) - EU competition commissioner Mario Monti is ready to
investigate 250 mln eur in alleged state aid to Finmeccanica SpA's aerospace
units Alenia, Agusta and Aermacchi, the Italian news agency ANSA reported
yesterday from Brussels, citing unidentified sources.
The financing was made by the Italian government after 1996 for six research
and development projects, it said.
A source told ANSA that the Italian government did not fulfill its
obligation to notify the European commission of the financing.
Another source added that the funds were not only used for research and
development but are also believed to have favoured the companies in the
production and sale of aircraft, the news agency said.
It added that the EU could open a formal investigation early next month and
if the financing is deemed incompatible with EU rules, the companies could be
asked to reimburse the funds.
ANSA cited Monti's spokesperson Tilman Lueder as saying it is premature to
draw conclusions on the matter.
pw/hsa

[ariane] 21/9/2003 00:53

Double Dutch

[ariane] 20/9/2003 15:45

Ahoy,Rescue on the horizen

[ariane] 19/9/2003 17:15

PARIS (AFX) - Prime Minister Jean-Pierre Raffarin said the liquidation of
Alstom would be "a major difficulty" for European industry, and reiterated the
government's determination to save the company from financial crisis.
"Alstom's filing for bankruptcy would be for the economy, and for European
industry, a major difficulty," Raffarin said during a visit to a Snecma
production facility outside Paris.
Earlier this week, the EU Commission rejected a refinancing proposal for the
ailing engineering group, which would have included the French government's
participation in a 600 mln eur capital increase.
The Commission set a deadline of Sept 22 for the government to propose an
acceptable alternative for the state aid, and Finance Minister Francis Mer will
not attend this weekend's G7 meeting in Dubai in order to find a solution to the
impasse.
"The state has clearly indicated that it is ready to intervene in a
significant manner to save Alstom, because Alstom is not only 100,000 jobs
across Europe, but it is also a very important industrial concern," Raffarin
said.
[e-mail]
js/cml