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Showing posts from August 3, 2014

Megafon buys Euroset stake from key shareholder

Russia's second biggest mobile phone operator Megafon has finalised its 2012 deal to buy a stake in cellphone retailer Euroset, paying its key shareholder $657.3 million in shares, the company said on Wednesday. _0"> Megafon, controlled by Russia's richest man Alisher Usmanov, together with his acquisition vehicle Garsdale, bought 50 percent of Euroset for $1.07 billion nearly two years ago. The other 50 percent in Euroset belongs to Megafon's competitor, Vimpelcom. The initial deal envisaged Megafon gaining full control of the Euroset stake within a year, buying 25 percent from Garsdale within a year. The condition was later extended until 2015. The price paid in the deal corresponded to the $535 million initial investment plus $50 million in additional payments representing Garsdale's "earn out", as well as accumulated 8 percent interest, Megafon said. "Megafon has completed its commitment to Garsdale with respect to the Euroset transacti

Deal at Canada's Globe and Mail newspaper may avert strike

Canada's Globe and Mail newspaper reached a tentative contract deal on Wednesday with the union representing its editorial, advertising sales and circulation workers, likely averting a work stoppage at the country's largest national daily. _0"> The two sides met for two days with an independent mediator before reaching the deal. No details of the agreement will be released before a ratification vote is held, the union, Unifor, said. "Good news. We have reached a tentative deal which the bargaining team unanimously recommends," Unifor said in a memo sent to workers. "The strike deadline is suspended until further notice. Continue to work normally." The strike deadline had been Wednesday at 4 p.m. (2000 GMT). The workers had rejected an earlier offer from management that the union said weakened job security and cut pay significantly for some advertising sales staff. Employees will likely vote on the deal on Thursday afternoon, the memo said. Th

Slim's Mexico telecoms sale opens doors to competitors

Mexican tycoon Carlos Slim's plan to divest a chunk of his most valuable asset, phone company America Movil, could open Mexico's telecoms market as never before to rivals. After a generation of enjoying a near-monopoly that allowed Slim to become the world's richest man, he plans to sell parts of America Movil to a competitor to avoid new penalty measures to curb the company's dominance. Companies like AT&T, Telefonica, Virgin Mobile and Grupo Televisa which have varying degrees of interest in Mexico, could benefit from buying parts of America Movil, which has some 70 percent of Mexico's mobile market and is the strongest force in fixed line and Internet. To avoid penalties, the company must arrive at a share below 50 percent of the overall Mexican telecoms market, as calculated by regulator Federal Telecommunications Institute (IFT) using subscriber numbers and network capacity. "The trick will be in how they present the plan," Miguel Flores, a

Cogeco Cable sales rise on strong U.S. cable services growth

Cogeco Cable Inc reported an 7 percent rise in quarterly revenue as the Canadian cable TV, internet and phone services provider continued to reap benefits from its expansion into data services and U.S. cable TV sectors. _0"> The Montreal-based company's net profit fell to C$35.5 million ($33.33 million), or 72 Canadian cents per share, in the quarter ended May 31, from C$48.1 million, or 98 Canadian cents per share, a year earlier. Revenue increased $32 million to $496.4 million. ($1 = 1.10 Canadian dollars) (Reporting By Shubhankar Chakravorty and Ramkumar Iyer in Bangalore; Editing by Lisa Shumaker )