Swisscom: Controversial purchase offer for Publigroupe
Swisscom wants to make a public purchase offer for the entire Publigroupe. The NZZ am Sonntag criticizes the telecommunications company's announcement. It argues that the Confederation is obstructing the publishers' actions.
Swisscom published a pre-announcement for a public tender offer on Friday evening. The price offered per Publigroupe share is CHF 200. This is more than the Zurich-based media group Tamedia, which is also interested in buying Publigroupe (Werbewoche.ch reported). Tamedia now wants to offer CHF 190 per share. "Our purchase offer is financially very attractive," said Swisscom spokesman Sepp Huber in the press release issued on Friday evening.
Swisscom, which says it owns half of Local.ch, built up the business together with Publigroupe and now wants to continue the success story. In order to further expand its business with online directories, the telecoms market leader would therefore prefer to have the profitable web service all to itself. On April 25, it therefore made the advertising marketer Publigroupe a non-binding purchase offer for the other Local.ch shares. Swisscom wanted to pay around CHF 230 million for this.
Publigroupe's Board of Directors did not reveal any details at the time, stating that it was taking note of the offer. The public purchase offer for the entire Publigroupe is now stepping up the pace in the battle for Local.ch.
Reaction from Publigroupe
Publigroupe continues to keep a low profile: The Board of Directors takes note of the pre-announcement announced. It will comment on both purchase offers once the respective definitive offers are available. It recommends that shareholders wait for these statements. A takeover by Swisscom would still require the approval of the Competition Commission (ComCo).
Criticism from the NZZ am Sonntag
The federal government should not interfere with the business of private publishers, headlines the NZZ am Sonntag. The article by editor-in-chief Felix E. Müller refers to media minister Doris Leuthard's accusation that Swiss publishers are too attached to the traditional business model and describes Tamedia's behavior as "courageous". But now, of all things, a state-owned company is stepping forward and wants to take over Publigroupe for itself. It is clear that the large Swisscom has the better cards in a bidding war against Tamedia. In this way, the federal government is hindering the actions of private publishers, whose innovative style it then criticizes again. (sis)
