August 27, 2019 / 8:41 AM / 2 months ago

Proponents of UPC deal dominate Sunrise shareholder ranks: CFO

Swiss telecoms company Sunrise's logo is seen at its headquarters in Opfikon, Switzerland February 6, 2019. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Most shareholders of Sunrise Communications (SRCG.S) back its plans to buy Liberty Global’s (LBTYA.O) Swiss UPC business despite opposition from big investor Freenet (FNTGn.DE), Sunrise’s finance chief said on Tuesday, expressing confidence the 6.3 billion Swiss franc ($6.46 billion) deal would proceed.

“Institutional investors are usually not activists, they either like a stock or they don’t like it. If they don’t like the stock, they divest.. so the shareholder register is currently dominated by people that actually like the transaction,” Andre Krause told a panel discussion on mergers organized by Swiss newspaper Finanz und Wirtschaft.

“I’m flying out for a roadshow over the next couple of weeks so we’ll see all of the guys again (...) We’ll figure out if there’s scepticism or criticism,” Krause added after Liberty Global said it would not change the terms of the sale.

Reporting by Silke Koltrowitz, Editing by Michael Shields

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