5. Privatisation Plan for Swisscom

The Swiss government yes­terday surprised investors with plans to privatise Swisscom, the state-controlled telecoms group.

The sale, should it happen, could liberate Swisscom, in which the state has a 66.1 per cent stake, in its largely unsuccessful efforts to expand in the European telecoms sector.

The Swiss company, facing rising competition in a stag­nant domestic market, has confirmed it has had talks with Eircom of Ireland on a possible takeover. Swisscom, which last year failed to buy Telekom Austria, has been tipped as a possible bidder for TDC of Denmark, but declined to comment.

A sale of Swisscom could raise about SFr17bn ($12.9bn) for the govern­ment, based on the current share price of about SFr420. Swisscom shares were down 0.65 per cent at SFr420.50 at the close. However, analysts warned that Switzerland's complex political system meant a sale was not certain - and would certainly not be fast. Any reduction of the state's stake to below 50 per cent would require a change to the country's telecoms law.

While disposal has been welcomed by the centre-right Radicals and the uitra-nationalist Swiss People's party, it has been opposed by the Socialists and the Christian Democrats.

Even if parliamentary approval was given, the con­troversial move would almost certainly be subject to popular referendum. With the prospect of job cuts and changes to service stand­ards, let alone the risk of takeover by a bigger foreign operator, popular approval would not be certain, analysts said.

Government officials said the aim was to complete par­liamentary preparations, with a view to presenting legislation the following year. Allowing another year for a referendum, that meant a full sale might not be possible before 2008, said officials.

Reducing or even eliminat­ing the state's stake could benefit Swisscom's expan­sion plans.

One important handicap in last year's abortive talks with Telekom Austria, which has been largely pri­vatised, was that the target company would be acquired by a state-controlled group -reversing the Austrian government's privatisation policies.

The Swiss government said the federal finance ministry would be asked to prepare the requisite legis­lation.

The government said sell­ing the stake would remove business uncertainties and eliminate any conflict of interest between its role as main shareholder and ultimate regulator of the telecoms sector.

Swisscom was floated in October 1998. While it has enjoyed significant profits from its home market, attempts to expand abroad have proved less successful.

Vocabulary:

takeover - поглощение

Swisscom ..has been tipped as a possible bidder for …Компания «Свисском» считается возможным претендентом на покупку компании…

raise money, funds, capital, cash – мобилизовать, собрать денежные средства, фонды, капитал, наличные средства

at the close - зд. при закрытии биржи

analysts – аналитики

let alone - не говоря уж о …

TRANSLATION NOTES:

While disposal has been welcomed…

Союз while, как и другие служебные слова, при переводе требует контекстуального осмысления, т.к. может переводиться самым различным образом: пока, хотя, несмотря на, и, а и т.д. В данном случае его следует перевести словом хотя. (См. часть Ш, раздел 3, § 9, п.9.2)

be subject to

Составной предлог subject to как часть составного сказуемого после глагола to be выражает ограничение и переводится как подлежащий чему-л, подчиняющийся чему-л в зависимости от контекста