Cegetel owns 80 per cent of SFR, its mobile phone business, with Vodafone holding the balance."In taking out BT and SBC, Vivendi and Vodafone would be able to run the businesses in line with their long-term strategic goals without any interference from other minority shareholders," Mr Swanepoel said.One analyst, who did not want to be named, said one stumbling block for any such deal could be certain shareholder lock-ups. Indeed, Mr Swanepoel said previous attempts to sell stakeholdings in Cegetel had been hampered by a complex shareholders' agreement, as well as, "in our opinion, an uncooperative attitude from BT".. Marks & Spencer, the troubled retailer, is expected to confirm plans to move from its historic Baker Street quarters when it unveils its full-year results next Tuesday. Marks & Spencer, the troubled retailer, is expected to confirm plans to move from its historic Baker Street quarters when it unveils its full-year results next Tuesday. A company insider said yesterday: "Of course we are looking at the options M&S is a different business now. We've had a new start, and the old headquarters fitted an organisation that existed some time ago. We need a new office space that fits the new M&S."The group is understood to have settled on staying within central London, having earlier considered moving as far as Milton Keynes. A site at Paddington Basin in west London, owned by Chelsfield, the property group, is believed to be among the frontrunners to become the new premises.M&S has already said it would raise £2bn by March by selling property.
One person familiar with the negotiations said: "Any property deal is subject to last-minute negotiation. The situation is that we have the option to move headquarters to somewhere that will still be accessible to employees."Part of the justification for the move is the group's decision, made in March, to abandon M&S's overseas business. M&S said yesterday there had been expressions of interest from 25 possible buyers for its Brooks Brothers and Kings Super Markets businesses in the US. They are thought to include bids from Macy's and Bloomingdales.M&S is expected to post its third consecutive annual fall in profits on Tuesday, including a one-off charge of up to £300m for the closure of overseas operations. Analysts expect pre-tax profits to fall by around 12 per cent to £450m-£465m and for M&S to pass the dividend.Luc Vandevelde, the chairman and chief executive, is expected to add few comments at that annnouncement.. Oh no, not more Vodafone paper Oh no, not more Vodafone paper.
The mobile phone collosus is working on a deal that in a complex series of transactions will lift its economic interest in SFR, France's second largest mobile phone operator, from the present 32 per cent to something over 50 per cent. The effective seller is once again poor old BT, which is having to draw in its horns more or less everywhere. For Vodafone, the cost will be a little more than £3bn, and since even Vodafone is strapped for cash these days, the deal will have o be financed with the issue of yet more shares or quasi-equity (convertible bonds, perhaps).Never before in corporate history have the printing presses had to work quite so hard in generating new equity as they have done under Vodafone. First AirTouch, then Mannesmann, then the acquisition of BT's interest in Japan Telecom, now this, all paid for with shares. The result has been the creation of a new British world leader. By any standards, it is a remarkable achievement for Vodafone's chief executive, Chris Gent.Only one drawback. So far his empire building has failed to generate any significant value for Vodafone's shareholders.
