Drillisch has no intention to take control of freenet

1 Jun 2011

German mobile services reseller Drillisch has confirmed it has no plans to raise its stake in rival freenet to 30% or more, Dow Jones Newswires reports. The company fuelled speculation that it planned to take over its larger competitor freenet earlier this month when it said it would acquire an additional 5% holding in the firm from Bank of America Corp. If approved by anti-trust authorities, the transaction will raise Drillisch’s stake in freenet from 15.2% to 20.2%. Although Drillisch may buy more freenet shares in the next twelve months, it does not intend to acquire a controlling stake in the company – defined as a holding of at least 30% by the German Securities Acquisition and Takeover Act – and which would trigger a mandatory takeover bid.

Germany, 1&1 (formerly 1&1 Drillisch), freenet