Calls to break up Freenet rebuffed

26 Jun 2007

German firm Freenet plans to keep its cellular and internet units, rejecting one investor’s call to break up the company, formed in March by the merger of Mobilcom, Germany’s second-largest reseller of wireless services by subscribers, and ISP Freenet.de. London-based Hermes Focus Asset Management, which owns 5.2% of the new business, wants Freenet to consider selling a division, or the entire company, reports journal Allgemeine Zeitung, quoting a Hermes fund manager. Freenet spokeswoman Elke Ruether said in response, ‘There’s no doubt that we have to keep Mobilcom and Freenet together…that’s for the long term.’

Germany, freenet