Cable cowboy joins Swiss circular firing squad edwardcropley
Switzerland’s Sunrise Communications and Liberty Global agreed on Oct. 22 to scrap a shareholder meeting to approve a 2.8 billion Swiss franc rights issue.
Sunrise’s largest shareholder, Germany’s Freenet, had led opposition to the cash call, which would have helped pay for the 6.3 billion Swiss franc acquisition of Liberty’s UPC cable business. Although the share purchase agreement remains in place until February, Sunrise Chief Executive Olaf Swantee said he was now focused on a standalone strategy.
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