Faced with strong resistance by its main shareholder, Swiss telecommunications provider Sunrise is giving in and reducing its capital increase for the planned takeover of cable operator UPC Switzerland.
Instead of the originally planned CHF4.1 billion, the capital increase is to amount to CHF2.8 billion, the company announced. The extraordinary general assembly at which the shareholders are to decide about the transaction has been scheduled for October 23, 2019.
Sunrise is reacting with this move to the criticism of its largest shareholder Freenet which rejects the takeover under the original conditions.
Meanwhile, Swiss competition authority WEKO has approved the planned takeover of the Liberty Global subsidiary without conditions.
Subject to the green light by the majority of its shareholders, Sunrise wants to complete the acquisition of UPC Switzerland at the end of November 2019.