Dutch telecoms group KPN, the subject of a takeover bid by Mexico's America Movil, said on Monday its chief financial office Eric Hageman had resigned with immediate effect, only a year after taking the job.
The group said in a statement that Hageman was resigning due to personal circumstances and that this was not related to working relationships or the present situation of the group.
"KPN [The Hague, Netherlands] will make a further announcement regarding the CFO role as soon as possible," KPN said.
Vodafone's plan to boost investment in broadband and superfast mobile networks after its $130 billion deal with Verizon could force its European competitors to increase their own spending and even prompt further deal-making.
Under its "Project Spring", Vodafone (Newbury, UK) plans to raise its capital expenditures by 6 billion pounds ($9 billion) over three financial years to improve network quality for customers in Europe and emerging markets such as India and South Africa.
Verizon Communications Inc said on Tuesday that it could expand internationally or buy more spectrum in coming years even while it pays down debt from its $130 billion purchase of Vodafone Group Plc's 45 percent stake in Verizon Wireless.
Verizon (New York City, NY, USA) shares fell as much as 4.8 percent as investors reacted to the financial terms of the acquisition, which was announced on Monday, a U.S. public holiday when financial markets are closed.
Leading stakeholders in Telecom Italia are interested in selling their shares amid raised expectations following Verizon’s $130 billion deal to buy Vodafone out of their US joint venture, reports Reuters.
According to sources familiar with the matter, investors in Telco, which controls 22.4% of Telecom Italia (Milan, Italy), are looking to take advantage of the current market conditions and cash in their shares, with Vodafone (Newbury, UK), Japan’s SoftBank (Tokyo) and Mexico’s America Movil (Mexico City) seen as possible buyers, according to brokerage firm Bernstein.
VimpelCom has announced that Mikhail Slobodin will become chief executive of its Russia business unit, with Anton Kudryashov promoted to the role of chief business development and portfolio officer for the entire company.
Slobodin joins VimpelCom (Amsterdam, Netherlands) from energy company TNK-BP (Moscow, Russia), where he was executive vice president of strategy and new business development, and takes up his new position in the telecoms industry immediately.
Verizon Communications was poised on Monday to finally take full control of its U.S. wireless business with a $130 billion deal that would buy out Vodafone and bring an end to a decade-long corporate standoff.
The British firm said late on Sunday it was in advanced talks with Verizon (New York City, NY, USA) to sell its 45 percent stake in the Verizon Wireless joint venture for cash and common shares in what would be the world's third-largest deal of all time.
America Movil threatened to abandon its bid for Dutch telecom KPN on Friday, saying it has no plans to raise the 7.2 billion euro ($9.5 billion) offer, after a foundation representing KPN told the Mexican firm to improve its proposal or face a veto.
The foundation, an independent group of former Dutch companies' executives tasked with protecting KPN (The Hague, Netherlands) stakeholders, bought almost 50 percent of KPN's voting stock late on Thursday, moving to block the deal.
Beleaguered mobile broadband operator LightSquared has filed a “reorganization plan” with the US Banktupcy Court in Manhattan that proposes a sale of assets as a means of overcoming its difficulties, reports Dow Jones Newswires.
The operator filed for bankruptcy protection in May 2012, following a government ruling that its spectrum would interfere with global positioning systems, and since then has made concessions on spectrum sharing that it hopes will convince authorities its network can be used.
Finnish operator DNA has announced that chief executive Riita Tiurnaniemi is to leave the company and says it hopes to find a replacement by the end of the year.
In a statement, DNA (Helsinki, Finland) said Tiurnaniemi’s successor would need to be a dynamic leader with a clear vision about future opportunities for the company, which operates Finland’s third-biggest mobile network and lies in joint third place in the country’s broadband market.
This seminar focuses on next steps for the provision of broadband across the UK and the options to encourage greater use by customers and service providers of the 'superfast' network. The conference takes place in the context of the DCMS strategy document: Connectivity, Content and Consumers - Britain's Digital Platform for growth, as well as the NAO report, PAC and EFRAC select committee investigations into the challenges facing the rural broadband programme.