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Vodafone missed call hurts Citigroup progress

Rothnie, David

Euroweek, 2013-10 (1327)

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Título:
Vodafone missed call hurts Citigroup progress
Autor: Rothnie, David
Materias: Acquisitions & mergers ; Banking industry ; Cellular telephone services industry ; Communications industry ; Fees & charges ; Financial services industry ; Investment banking ; Investment banks ; Joint ventures ; Merchant banks ; Officials and employees ; Securities markets ; Telecommunications industry ; Telecommunications services industry
Es parte de: Euroweek, 2013-10 (1327)
Descripción: Citi has made big strides in its European investment banking business but failed to capitalise on the biggest deal of the year. Citigroup has acted as joint corporate broker with JP Morgan to UK mobile phone giant Vodafone for the last 4-1/2 years, so was ideally placed for a role when the firm announced the $130bn sale of its 45% stake in its US joint venture to partner Verizon Communications. Every big bank has a sorry story of a deal that got away, but what will have irked Citigroup most is that the market had known the deal was coming for years and as Vodafone's broker the US bank should have been well positioned for the big payday. Even more galling would be that its inability to secure a leading role was a throwback to a weakness that the bank has worked so hard to eradicate.
Editor: London: Euromoney Trading Limited
Idioma: Inglés

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