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recent deals in emerging markets have been struck at 10 times, and the bulk of earnings from assets being acquired comes from Italy. Back in 2008, mobile-telecom firms in Brazil and Indonesia changed hands at less than six times Ebitda. Besides, Telenor Tiffany Rings on sale attractive new prospects can quickly sour. In 2009, it paid $1.1 billion for a 60% stake in newly launched Indian business Unitech Wireless, before the market was flooded with new entrants. Now, the government is threatening to renegotiate the terms of mobile licences. Telenor’s hopes of Indian profitability by 2013 look increasingly unrealistic. On different terms, Telenor might support
VimpelCom’s acquisition. But it can’t block the deal singlehandedly. Telenor controls three out of nine board seats. Its stance risks another fallout with fellow shareholder Alfa Group. A legal battle over a 2004 VimpelCom acquisition rumbled on for years. But Telenor is right to sound the alarm on price. Other firms with expansionary ambitions, including Emirates Telecommunications, should take note.The Unwrap 3D Tour will give visitors to the exhibits an Tiffany Sets on sale to experience for themselves Panasonic’s award-winning line of Full HD 3D VIERA(R) VT25 and GT25 Series Plasma TVs, 3D Blu-ray( )Disc TM players, rechargeable 3D Active
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