Swisscom said it has submitted a non-binding takeover offer to PubliGroupe for the purchase of its shares in LTV Yellow Pages Ltd and Swisscom Directories Ltd. Swisscom's price offer, excluding planned dividend payments, is CHF 230 million. Swisscom owns the remainder of the shares in the two companies. Swisscom's aim is to assume full control of local.ch while further developing its strategic directories business in the existing market environment and streamlining the company structure. Plans envisage continuing the employment of the 800-strong workforce.
As Tamedia has also said it intends to submit a public takeover bid for PubliGroupe, any deal to purchase the shares will require the consent of an Extraordinary General Meeting of PubliGroupe shareholders. The Competition Commission (ComCo) would also have to give its approval.
Local.ch runs the online directories platform local.ch and Local Guide phone directories business. It comprises the three firms Swisscom Directories, LTV Yellow Pages and local.ch. The three companies operate on the market under the brand local.ch. In 2013, they generated combined revenues of around CHF 200 million.
Swisscom and PubliGroupe founded the joint venture in 1998, opting for a cross-shareholding arrangement. Swisscom currently owns 51 percent of Swisscom Directories and PubliGroupe owns 49 percent. Conversely, PubliGroupe has a 51 percent stake in the marketing company LTV Yellow Pages, in which Swisscom has a 49 percent shareholding.
