(Reuters / EM) The planned multibillion-dollar acquisition of UPC Switzerland by telecoms group Sunrise is shaking and is now threatening to burst. Sunrise intends to acquire UPC Switzerland for CHF 6.3 billion from owner Liberty Global.
However, Sunrise's largest shareholder, Freenet, is still banning the 4.1 billion francs required for the deal, the German company said on Friday. Fiorentina decided to vote against raising capital "under the current transaction conditions" at a planned extraordinary shareholders' meeting.
Freenet has a 24.5% stake in Sunrise. That alone is not enough to prevent capital growth, which a simple majority of owners must say. But since the general meeting is never attended by all shareholders, Freenet has considerable weight.