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Vodafone has 76.48 percent of Kabel Deutschland

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Staff writer ▼ | September 17, 2013
Vodafone has secured 76.48 percent of shares in Kabel Deutschland for its 7.7 billion euro ($10 billion) offer for Germany's largest cable company. The company said on Thursday it had reached the 75 percent minimum acceptance required.
Vodafone
VodafoneVodafone has secured 76.48 percent of shares in Kabel Deutschland for its 7.7 billion euro ($10 billion) offer for Germany's largest cable company. The company said on Thursday it had reached the 75 percent minimum acceptance required.


Vodafone wants to buy Kabel Deutschland to offer more television and fixed-line services in Germany, its largest European mobile market. The deal needs regulatory clearance from the European Commission, with the completion of a first review expected by September 20.

Vodafone said that Kabel Deutschland shareholders who have not yet tendered their shares can do so in the next two weeks. The offer period will end on September 30 at 2200 GMT. After completion of the deal, Vodafone said it intends to enter a so-called control or domination agreement with Kabel Deutschland.

This would enable Vodafone to determine Kabel Deutschland's strategy and access its cash flows. This is possible under German law once an buyer holds 75 percent of a company.


 

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