Sunrise plan to buy UPC gets anti-trust green light

ZURICH: The Swiss anti-trust authority has approved Sunrise Communications’ 6.3 billion Swiss franc ($6.36 billion) takeover of Liberty Global’s UPC business, setting up a showdown between the telecoms company and foes of the deal.
Sunrise — locked in a feud with its largest investor, Germany’s Freenet, which opposes the deal — now plans an extraordinary shareholders meeting on October 23 to vote on a capital increase needed to fund the takeover.
Freenet, which owns a quarter of Sunrise, has been joined by some other investors in fighting the transaction on grounds the price is too high, a proposed 4.1 billion franc capital increase would dilute their holdings and the Swiss company would wind up with all the risks while allowing Liberty Global a lucrative and unfettered exit.
“The Swiss Competition Commission (COMCO) has decided to raise no objections to the acquisition of UPC Switzerland by Sunrise, and has now approved the transaction,” Sunrise said. — Reuters