Swisscom and Tamedia have agreed to set up a directories joint venture. Following Swisscom's takeover bid for PubliGroupe, it and Tamedia plan to bring the companies local.ch and search.ch into a venture of which Swisscom will own 69 percent while Tamedia AG will hold the remaining 31 percent. They want to work together to develop their directory business into a strong Swiss alternative to Google.
Tamedia announced a public takeover bid for PubliGroupe at CHF 150 per share on 17 April then raised it on 27 May to CHF 190. This is below the Swisscom bid of CHF 200 per share submitted on 16 May. Tamedia has agreed with Swisscom not to increase its offer further and, if its takeover bid is successful, to offer Swisscom the PubliGroupe shares it owns.
Both local.ch and search.ch will continue as independent services. The cooperation between local.ch and search.ch will result in the most comprehensive Swiss directory and information platform for companies, private individuals and public bodies. The two providers reach a combined total of 4.8 million internet users in Switzerland every month.
Local.ch runs an online directory platform and the Local Guide phone directories business. The local.ch group comprises the three companies Swisscom Directories, LTV Yellow Pages and local.ch AG, is half-owned by Swisscom, with the remaining 50 percent belonging to PubliGroupe.
Search.ch provides an electronic telephone directory, an interactive map, a route planner, local weather reports and cinema listings. Tamedia has a 75 percent stake in the company, while 25 percent belongs to Swiss Post.
As previously announced, Swisscom intends to sell PubliGroupe's minority shareholdings in the media companies SNP Societe Neuchateloise de Presse (29%), Sudostschweiz Presse und Print (20%) and Rhone Media Press (18%) if its bid is successful. Swisscom will not oppose the sale of FPH Freie Presse Holding to Neue Zurcher Zeitung. Swisscom will consider all options for the other shareholdings.
Swisscom's takeover of PubliGroupe and the partnership between Swisscom and Tamedia are subject to the approval of the Federal Competition Commission.
