Report: AT&T Eyes European Expansion to Offset Slow Growth in the U.S.
January 17, 2013 9:30 AM
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Analysts are dubious of the AT&T purchase rumors
Reports have surfaced that AT&T is looking to make an acquisition in Europe. AT&T could possibly be considering the purchase of Dutch carrier KPN or UK carrier Everything Everywhere in an effort to offset slowing growth within the U.S. Word of a potential AT&T buyout of Dutch provider KPN sent shares in the Dutch wireless carrier up 3.8% to close at €4.40, a five-week high.
AT&T and KPN have made no official comment on rumors of a potential purchase.
Analyst Jos Versteeg from private Dutch bank Theodoor Gilissen says that companies like AT&T could benefit from buying European rivals to create economies of scale. The analyst says that this move would be similar to the international expansion of British carrier Vodafone. However, a large portion of KPN is owned by a Mexican billionaire named Carlos Slim.
"Slim owns almost 30 percent. I don't see him selling now. He is a long-term investor. AT&T doesn't stand a chance buying KPN," Versteeg said."
Another analyst, Robin Bienenstock from Bernstein, noted that AT&T and Carlos Slim's company America Movili had attempted to work together in a bid for Telecom Italia in the past. She notes that she sees little chance of AT&T making a takeover in Europe.
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Slim chance he sells, then :)
1/17/2013 12:27:00 PM
Mexican billionaire named Carlos Slim
Mexican billionaire? Carlos Slim is the richest person in the world and the partial or full owner of several cell phone companies. Not that I particularly like him, or see any virtue in wealth alone, but when you have more money than Bill Gates, I think that you at least deserve to be named without the "a".
As a side note, a small typo, Slim's conglomerate of cell phone companies in the Americas is "America Movil"
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