The bottom Wellington Management has declared 1.9% of the capital of MoreMobile behind the opa launched on the telecommunications operator by the funds KKR, Cinven and Providence by the fourth operator in the country, valued at 2,900 million euros and at a price per share of 22.50 euros. Also, the Norwegian sovereign wealth fund, Norges Bank has declared another 1.96% stake.
Wellington Management and Norges Bank are regular shareholders in other Spanish listed companies, but so far were not obliged to declare their presence in MásMóvil because they had not exceeded the 3% limit, from which the CNMV requires that they be made public.
However, after the launch of the takeover bid, the legislation requires the publication of any relevant participation, which in the case of Wellington is of the 1,904%. It is a portfolio of 2,507,709 shares, with a market value of 57 million euros, since the MásMóvil shares have closed at 22.80 euros.
For its part, Norges Bank controls a portfolio of 2,589,131 shares, with a market value of 59 million euros.
This week, the US fund manager BlackRock its MásMóvil share has increased to 6.5% from 5.7%. BlackRock is one of the main shareholders behind Onchena, the limited company that manages the family assets Ybarra Careaga, (13.2%); the Providence fund (9.16%); and the 'family office' of the owners of the textile group Mayoral Global Portfolio Investment (8.1%).
The fact that MásMóvil shares are trading above the 22.50 euros offered by the funds indicates that investors expect a counter-move, although some players in the sector, such as Orange, have already commented that don't think about it.
For its part, Onchena has confirmed that will invest 110 million euros to become the owner of 5% of the capital of MásMóvil, once the opa is closed. The company has explained that those 110 million euros will come from 330 million in capital gains obtained from the sale of your current interest.
A 'COVENANT' OPA
After learning about the offer, MásMóvil has issued a statement in which it reports that has held prior negotiations and talks with the purchasing companyThis included the completion of a confirmatory due diligence process by the latter, as well as the signing of an agreement between the two parties regarding the offer.
This management body considers that the opa "It is an opportunity to create value for shareholders and other stakeholders". Furthermore, the buyers have stated their "commitment, in the event that the offer is completed successfully, to maintain the continuity of the strategy and the strategic and business plan of the company, as well as its employees and management team."
The operation has the backing of 30% of current shareholders, among which is the 21% in the hands of Spanish investors and 9% of Providence.
These investors include Onchena, which is currently the largest shareholder of MásMóvil with 13.2% of the capital, as well as Key wolf, the company of the first vice-president of the board of directors, José Poza; and Inveready, society of the second vice-president of the council Josep Maria Echarri, who own 5.03% and 2.09% of the company, respectively.
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