SoftBank Corp is playing it rough in its attempt to keep Dish Network Corp from breaking up its $20.1 billion deal to take control of Sprint Nextel Corp.
The Japanese telecom company, which owns 33 percent of Alibaba Group Holding Ltd (Hangzhou, China), has told banks that their financing of Dish's $25.5 billion rival offer for Sprint (Overland Park, KS, USA) could hurt their chances of landing a role in a highly anticipated public offering of the Chinese e-commerce giant, two sources familiar with the situation said.
China Mobile Ltd, the world's biggest mobile operator by subscribers, said its unlisted parent is beefing up its internal supervision after a government audit office highlighted problems in accounting practices and internal management.
The report by China's National Audit Office comes at a time when the new Chinese leadership led by President Xi Jinping has made tackling corruption a top priority, warning that the problem is so serious it poses a threat to the party's survival.
India’s Reliance Communications has beaten earnings expectations for the fourth quarter thanks to an increase in revenue from one-off gains.
The operator – controlled by Indian billionaire Anil Ambani – said that net income fell to INR3.03 billion ($55.2 million) in the fourth quarter from INR3.32 billion in the same period last year, with revenues up 12% to INR59.56 billion.
Analysts polled by Reuters had been expecting net income of INR1.29 billion on revenues of INR53.47 billion.
Australia’s auction of spectrum for use with 4G services has raised a total of A$2 billion ($2.01 billion) for government coffers, according to a statement from the country’s telecoms regulator.
Announcing the results, the Australian Communications and Media Authority revealed that incumbent operator Telstra (Melbourne, Australia) had spent the most on frequencies, coughing up more than A$1.3 billion for 40MHz of 700MHz spectrum and 80MHz in the 2.5GHz band.
SoftBank Corp President Masayoshi Son may get a frosty reception when he comes to the United States this week to meet Sprint Nextel Corp's major shareholders, as he tries to drum up support for the Japanese company's proposed takeover of the No. 3 U.S. wireless service provider.
Telecom Italia's board is likely to put off making a decision this week on whether to open formal merger talks with Hutchison Whampoa, as key shareholders are divided on the issue, sources with knowledge of the situation said.
The board is due to meet on Wednesday to consider the latest financial results and to hear from a panel of directors that was set up last month to determine whether it should pursue a proposal to acquire Hutchison's Italian mobile business and for Hutchison (Hong Kong) to take a near 30 percent stake in Telecom Italia (Rome, Italy).
US telecoms operator AT&T is to collaborate with Indian IT company Wipro on the development of M2M services for a variety of major industries.
Solutions developed by the two partners will use an M2M application platform from Axeda (Foxboro, MA, USA), with which AT&T (Dallas, TX, USA) already has a relationship.
“Customers are turning to us to make their M2M connectivity easy to manage and monitor in virtual real-time,” said Mike Troiano, the vice president of advanced mobility solutions for AT&T Business Solutions.
Telenor Connexion, the M2M division of the Norwegian telecoms incumbent Telenor, has received a significant boost from a deal to provide international services to KDDI, Japan’s second-largest telecoms operator.
The partnership will allow KDDI (Tokyo, Japan) to provide a global M2M service to its enterprise customers, said the companies in a statement.
The Qatar Foundation Endowment (QFE) has bought a 5% stake in India’s Bharti Airtel for the sum of $1.26 billion, helping the operator to reduce debts and fund the expansion of network activities in Africa.
The price paid implies the Indian operator is worth $25.2 billion in total, about 7% more than a valuation based on its share price last Friday, before the transaction was announced.
SoftBank Corp President Masayoshi Son came out swinging on Tuesday against Dish Network Corp's rival bid for Sprint Nextel Corp, saying the satellite TV company would cripple Sprint with debt and was ill-prepared to run a wireless service.
Billionaire Son said there would be no need for SoftBank (Tokyo, Japan) to sweeten its bid and he dismissed Dish's $25.5 billion offer as "incomplete and illusory." He argued his $20.1 billion offer would ultimately be better value for Sprint shareholders.