PCCW Limited ADROTCPK - Current
Apr. 6, 2015, 2:41 PM
- Vivendi (OTCPK:VIVHY) is offering €250M to Orange (NYSE:ORAN) for most of video-sharing site Dailymotion, according to Le Monde, and Orange's board will meet Tuesday to discuss the bid.
- Orange has been looking for an international partner, and entered into exclusive talks with Hong Kong's PCCW (OTCPK:PCCWY), but PCCW ended those talks as the French government made clear it would prefer a European partner.
- France, which is Orange's biggest shareholder, came in to oppose the 2013 deal where Orange would sell a stake to Yahoo.
- Previously: France may get double votes at Orange in 2016 (Apr. 06 2015)
- Previously: French econ minister: Orange should hear all comers for Dailymotion (Apr. 02 2015)
- Previously: Vivendi fight: Bolloré raises stake again, to 12% (Apr. 02 2015)
Apr. 2, 2015, 10:49 AM
- French telecom Orange (NYSE:ORAN) needs to look at all offers as it seeks to sell a Dailymotion stake, says France's Economy Minister Emmanuel Macron.
- Orange entered exclusive talks with Hong Kong's PCCW (OTCPK:PCCWY) and is reportedly entertaining an offer that values the video site at €250M.
- Macron says he's not opposed to a deal with PCCW, but: "What I said was: 'Should we enter into exclusive negotiations?' The answer is no. We should look at all the offers."
- France takes a heavy hand in foreign investment into French operations, and considers Dailymotion a "jewel." The country killed a Dailymotion stake sale to Yahoo in 2013 over such concerns, and is likely to favor a European partner.
- France is the biggest shareholder in Orange, at about 25%.
- Previously: WSJ: Orange in exclusive talks to sell Dailymotion stake (Mar. 13 2015)