A succession of retail investors criticized Telecom Italia at a meeting on Wednesday, but any bigger shareholders unhappy at its performance avoided the kind of open challenge that could rattle management.
The debt-laden company's share price has tumbled close to an all-time low as Chairman Franco Bernabe tries to resolve a deadlock over its future plans and tension caused by an ownership structure that gives core investors holding less than a quarter of the stock effective control.
Masayoshi Son, billionaire founder of Japanese mobile carrier SoftBank Corp, is expected to stay in the battle for U.S. wireless service provider Sprint Nextel Corp, even though he could profit handsomely by walking away.
While the intentions of Charlie Ergen, the chairman of Dish Network Corp (Meridian, CO, USA), should be clear - after a bold $25.5 billion counterbid for Sprint (Overland Park, KS, USA) - not everyone is convinced the deal will go through.
Dish Network Corp, the No.2 U.S. satellite TV provider, on Monday offered to buy wireless service provider Sprint Nextel Corp for $25.5 billion in cash and stock, a move that could inspire other telecoms or video companies to consider their own prospects of combining.
Dish's offer could trump a proposal in October by Japanese wireless operator SoftBank Corp (Tokyo, Japan) to buy 70 percent of Sprint (Overland Park, KS, USA) for $20.1 billion.
Turk Telekom has reported a fall in profitability for the first quarter of 2013, with rising interconnection and personnel expenses eating into its revenues.
The Turkish incumbent reported a 12.9% fall in operating profit, to TRY1.15 billion ($643 million), compared with the same period last year, and a 31.8% drop in net profit, to TRY526 million, which it blamed on foreign-exchange losses.
The bottom-line setback came despite a 6.2% increase in revenues, to TRY3.14 billion, thanks to the continued growth of the operator’s mobile and broadband businesses.
Network equipment maker Netgear Inc estimated first-quarter revenue and earnings below analysts' expectations, citing lower-than-planned shipments of its new network attached storage product.
Shares of Netgear (San Jose, CA, USA) fell as much as 8 percent in trading after the bell. They closed at $30.88 on the Nasdaq on Monday.
"The late introduction (of ReadyNAS) was not expected to have such an impact on revenue in the quarter," BWS Financial analyst Hamed Khorsand told Reuters.
Dish Network Corp, the No. 2 U.S. satellite television provider, offered to buy Sprint Nextel Corp for $25.5 billion in cash and stock, a move that could thwart the proposed acquisition of Sprint by Japan's SoftBank Corp.
Dish's bid is the latest development in a shakeup of the U.S. wireless business, which is undergoing a wave of consolidation. Dish (Meridian, CO, USA) was already in the midst of an unsolicited offer for Clearwire Corp (Bellevue, WA, USA), the wireless company majority-owned by Sprint (Overland Park, KS, USA).
Verizon Wireless plans to change its policy on handset upgrades so that customers are forced to wait longer before they can get their hands on new devices.
Under the current system, customers can upgrade their phones every 20 months, but when the change comes in they will have to wait two years before they can rid themselves of older smartphones.
“This change aligns the upgrade date with the contact end date and is consistent with how the majority of customers purchase new phones today,” said the operator in a statement on its website.
KT Corp has reportedly decided not to bid for the controlling stake in Morocco’s Maroc Telecom currently held by French media conglomerate Vivendi.
The operator had been in talks about an acquisition that would have represented the largest-ever overseas deal by a South Korean company.
According to Dow Jones Newswires, however, it has dropped its bid but will continue to pursue other options for investing in the North African operator.
Clearwire Corp is "actively considering" defaulting on a $255 million interest payment due June 1 on about $4.5 billion of outstanding debt, according to a proxy filing on Friday, as a shareholder vote approaches on Sprint-Nextel Corp's takeover offer.
The company, which urged investors to vote in favor of Sprint's buyout offer, warned that failure to close a deal may force it to contemplate a financial restructuring, which in turn could entail filing for bankruptcy.
Sweetening the terms of a U.S. merger not only improves Deutsche Telekom's chances of getting a deal done, but may also pave the way for what some investors and bankers think it really wants - to reduce its exposure to a highly competitive market.
The German group's T-Mobile USA (Bellevue, WA, USA) unit lacks the critical mass to take on bigger U.S. rivals Verizon (New York City, NY, USA), AT&T (Dallas, TX, USA) and Sprint (Overland Park, KS, USA) and has been losing market share.