Shares of Vodafone Group Plc (ADR) (NASDAQ:VOD) ended Friday session in red amid volatile trading. The shares closed down -0.58 points or -1.96% at $28.99 with 9.22 million shares getting traded. Post opening the session at $29.16, the shares hit an intraday low of $28.84 and an intraday high of $29.19 and the price vacillated in this range throughout the day. The company has a market cap of $74.37 billion and the numbers of outstanding shares have been calculated to be 26.56 billion shares.
On August 3, 2016 Vodafone Group Plc (ADR) (VOD) and Liberty Global plc (NASDAQ: LBTYA, LBTYB and LBTYK) welcomed the conditional clearance by the European Commission of the two companies’ proposed merger of their operating businesses in the Netherlands to form a 50:50 joint venture.
Following its Phase I investigation, the European Commission concluded that the transaction, as modified by the commitments offered by the parties, does not raise any competition concerns.
The commitments entail a divestment of Vodafone Netherlands’ consumer fixed business, prior to closing of the proposed merger of the two companies’ Dutch operations. This represents a structural remedy offered by the parties to address any concerns regarding the overlap between the fixed telecoms and TV activities of Vodafone and Ziggo in the Netherlands. Having already received a number of expressions of interest, the parties will now proceed with the sale process.
Vodafone Netherlands’ consumer fixed business has a customer base of more than 120,000 with a high triple-play penetration rate. The divestment could potentially also include MVNO access subject to agreement on commercial terms.
Shares of Seagate Technology PLC (NASDAQ:STX) ended Friday session in red amid volatile trading. The shares closed down -0.05 points or -0.14% at $36.40 with 8.97 million shares getting traded. Post opening the session at $37.32, the shares hit an intraday low of $36.11 and an intraday high of $37.32 and the price vacillated in this range throughout the day. The company has a market cap of $10.80 billion and the numbers of outstanding shares have been calculated to be 298.61 million shares.
Seagate Technology PLC (STX) on September 9, 2016 announced a secondary block trade transaction of approximately 12.5 million ordinary and existing shares. Participating in this transaction are ValueAct Capital and Seagate Technology, as a result of which ValueAct Capital will become one of Seagate’s largest shareholders with approximately 9.5 million ordinary shares upon transaction closing. In connection with the transaction, ValueAct has been invited to serve as an observer on Seagate’s Board of Directors. The transaction is conditioned on customary regulatory approval which is expected by the end of September.
“We are very pleased to have ValueAct Capital as one of our largest investors. Seagate approached ValueAct to execute this transaction and become an investor in our company, given their commitment to and success in creating long-term value for the companies in which they invest. The Seagate Board and management team are looking forward to engaging with the ValueAct team as we leverage their experience and resources to further strengthen the company and create long-term investment appreciation for Seagate shareholders,” said Steve Luczo, Seagate’s chairman and chief executive officer.
“Seagate has a strong storage technology portfolio and is well positioned to benefit from attractive long-term secular trends,” said Mason Morfit, ValueAct Capital’s president. “We are very excited about the opportunity to work with the Seagate team, at both the Board and management level, to help increase long-term value for all shareholders.”