La venta del negocio de Páginas Amarillas es un error para las empresa de telecomunicaciones de Australia (¿Solamente allá?)

El analista Paul Budde, opina que la venta del negocio de páginas amarillas es un error estratégico para Telecom Australia, pues las considera un componente clave para la expansión en el negocio de medios digitales.


ORIGINAL: Stuff.co.nz
05 December 2006
By GARETH VAUGHAN

Selling its Yellow Pages directories business would be a strategic mistake for Telecom if it wanted a leading presence in digital media, an analyst says.

Speaking in Auckland yesterday, Australian-based telecoms analyst Paul Budde also suggested that Telecom could be a prime target for private equity raiders.

ROSS GIBLIN/Dominion Post

EXPERT ADVICE: Australian telecoms analyst Paul Budde says Telecom should not sell its Yellow Pages directory business if it wants to be a big player in the digital media market.

If Telecom had decided to focus on being a telecoms infrastructure provider, then selling Yellow Pages was understandable, he said. But a year ago, Telecom had talked up moves into digital media through the Internet, and Yellow Pages could be a key component.

"It would be unwise if suddenly in half a year's time they said: `Ah, now we want to be in digital media' and they had sold this jewel in the crown that would have been the plank for moving forward into digital media."

Telecom has appointed investment bank Goldman Sachs JBWere to advise it on the sale of Yellow Pages. Analysts expect a sale to fetch up to $2.2 billion, with as much as half of that returned to shareholders.

Selling Yellow Pages would contrast with the strategy of Telecom's Australian rival, Telstra, which is beefing up Sensis, its directories business. Sensis, which is expected to bid for Yellow Pages, paid $A332 million ($NZ380 million) for 51 per cent of a Chinese property listings website in September.

"Reading the tea leaves here, Telecom is saying the core business is infrastructure," Mr Buddle said. "If that's the situation, okay, I have no problems. Sell Yellow Pages and make some money. But I have not heard from Telecom why they have changed their digital media strategy, or if they have a digital media strategy."

He was also concerned that Telecom may sell just because it needed the money, which would be wrong.

He raised the prospect of Telecom being a target for private equity funds. At present, the Government must approve any Telecom shareholding of more than 10 per cent. However, Mr Budde said government policies can change and there are ways around them.

He cited a takeover bid for Australian airline Qantas, for which American private equity fund Texas Pacific Group is bidding in partnership with Australia's Macquarie Bank to counter foreign ownership restrictions. Consortiums of financiers and infrastructure operators were possible.

"These people are clever. They think long term and they know if you push, you might make changes to the policies. Situations can change quite rapidly."

Mr Budde pointed to Australian investment firm Babcock & Brown's acquisition of Ireland's Eircom in May and unsuccessful separate bids by Macquarie Bank and Texas Pacific for Hong Kong's Pacific Century CyberWorks.

Telecom, with its strong and steady cashflows, "must be very high on the list of some of the financial companies".