If T-Mobile quotes above $150 for 45 days, it’s payday for Softbank.
(Photo: Getty Images; Per-Anders Pettersson)
For Deutsche Telekom and its CEO Timotheus Höttges, it was one of the central projects of recent years: In order to be able to control its important US subsidiary T-Mobile US in the long term, Telekom had to increase its stake from 43.2 percent to over 50 percent .
The problem: T-Mobile US is very successful, which is why the stock became more and more expensive. The subsidiary is now the most valuable telecom company in the world.
Two difficulties stood in the way of the responsible Telekom board member Thorsten Langheim on the way to the majority. Due to the high level of debt of the parent company, he could not simply buy shares in the expensive subsidiary unchecked. At the same time, investment costs at home were exploding.
In order not to jeopardize the creditworthiness – the bonds of Telekom were in the meantime not far from losing the important “investment grade” seal – Langheim had to buy cheaply, even though the T-Mobile course continued to rise.
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