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Hutchison, VimpelCom submit new plan to merge Italy units

Jul. 06, 2016 1:56 PM ETHutchison Whampoa Ltd. ADR (HUWHY) StockVEON, HUWHY, HUWHF, ILIAF, ILIAY, TIIAYBy: Jason Aycock, SA News Editor
  • Hutchison (OTCPK:HUWHY) and VimpelCom (VIP +0.3%) -- trying to merge their Italian units Three Italia and Wind Telecomunicazioni -- have submitted a new concession plan to European regulators in the wake of a new entrant to the Italian market.
  • The two have worked against tough odds for months to merge the units into Italy's biggest wireless provider, but their agreement to sell spectrum, sites and services to enable France's Iliad (OTCPK:ILIAY) to enter the market have likely changed the game.
  • European regulators have taken a tougher approach to telecom consolidation under Margrethe Vestager. Regulators vetoed Hutchison's bid for O2 in the UK in May, and last year Sweden's TeliaSonera and Norway's Telenor called off a merger of their Danish operations after EC opposition.
  • Facing the increased likelihood that it will be displaced as Italy's largest wireless carrier, Telecom Italia (NYSE:TI) is now down 8.8% in U.S. trading. It closed down 10.8% in Milan.

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