Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Event-Driven

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2 UK.We had thought the odds of approval were about 50%, so we aren't surprised by the rejection.We think this makes approval of CK Hutchison's 3 Italia's proposed merger in Italy with VimpelCom's Wind division highly unlikely.Competition is much lower in Italy, as evidenced by fewer mobile virtual network operators and much higher EBITDA margins.Analysts: Dan Baker &amp; Lorraine Tan

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2 UK.We had thought the odds of approval were about 50%, so we aren't surprised by the rejection.We think this makes approval of CK Hutchison's 3 Italia's proposed merger in Italy with VimpelCom's Wind division highly unlikely.Competition is much lower in Italy, as evidenced by fewer mobile virtual network operators and much higher EBITDA margins.Analysts: Dan Baker &amp; Lorraine Tan

EU Competition Commission Rejects 3's Acquisition of O2; Telefonica's Shares Undervalued

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

The planned fifty-fifty joint venture between Italy’s third and fourth largest mobile operators is facing close scrutiny from European Commission regulators, two lawyers familiar with the case told CTFN.

The planned fifty-fifty joint venture between Italy’s third and fourth largest mobile operators is facing close scrutiny from European Commission regulators, two lawyers familiar with the case told CTFN.

Third Party Interest in Frequencies Key to Wind/3 Italia Merger

The resignation of Telecom Italia CEO Marco Patuano is expected to speed up a number of deals that have been dragging on for a long time, an Italian telecoms lawyer familiar with the situation told CTFN.

The resignation of Telecom Italia CEO Marco Patuano is expected to speed up a number of deals that have been dragging on for a long time, an Italian telecoms lawyer familiar with the situation told CTFN.

Telecom Italia Board Reshuffle Accelerates Pending Deals

Herfindahl index may provide clues to which deals are approved; regardless of outcomes, we prefer Telefonica.<ul><li class="p1">While the EU regulator's non-approval of Telenor's and TeliaSonera's proposed merger of their Danish operations increases the risk that wireless consolidation to three operators from four will be frowned upon, we don't think all future deals are dead.</li><li class="p1">Looking at the previously approved deals in Austria, Ireland, and Germany with an overlay of the Herfindahl index provides insight into the potential approval of the currently proposed deals in the United Kingdom, Italy, and France.</li></ul>Analyst: Allan Nichols

Herfindahl index may provide clues to which deals are approved; regardless of outcomes, we prefer Telefonica.While the EU regulator's non-approval of Telenor's and TeliaSonera's proposed merger of their Danish operations increases the risk that wireless consolidation to three operators from four will be frowned upon, we don't think all future deals are dead.Looking at the previously approved deals in Austria, Ireland, and Germany with an overlay of the Herfindahl index provides insight into the potential approval of the currently proposed deals in the United Kingdom, Italy, and France.Analyst: Allan Nichols

EU Regulatory Changes Make Telecom M&A More Difficult

Netherlands

VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

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VEON (VEON US)

EU Competition Commission Rejects 3's Acquisition of O2; Telefonica's Shares Undervalued

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2...

Morningstar, Inc.

Third Party Interest in Frequencies Key to Wind/3 Italia Merger

The planned fifty-fifty joint venture between Italy’s third and fourth largest mobile operators is facing close scrutiny from European Commission...

CTFN

Telecom Italia Board Reshuffle Accelerates Pending Deals

The resignation of Telecom Italia CEO Marco Patuano is expected to speed up a number of deals that have been dragging on for a long time, an...

CTFN

EU Regulatory Changes Make Telecom M&A More Difficult

Herfindahl index may provide clues to which deals are approved; regardless of outcomes, we prefer Telefonica. While the EU regulator's non-approval...

Morningstar, Inc.

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