"Changes in the company's ownership have no effect on our business and day-to-day commitments," said Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) CEO Haim Romano in a letter to employees in response to the cancellation of the sale of its controlling shareholder Scailex Corporation (TASE: SCIX; Pink Sheets:SCIXF) to Hutchison Whampoa Ltd. (HKSE: 0013). The failure of the sale is forcing Scailex controlling shareholder Ilan Ben-Dov to a multibillion shekel debt settlement.
Romano continued, "We will continue to work diligently and energetically to implement our strategy to focus on and strengthen our customer relationship. The massive investment in the company's assets and its financial soundness are the platform for successfully dealing with the market challenges."
Romano urged Partner's employees to continue their focus on customer service, writing, "The satisfaction of our customers was and is the most important goal to which we are committed. To successfully meet this challenge, teamwork is necessary, which you carry out in an exemplary fashion. All the divisions are contributing at all interfaces to deepen the high quality and leading processional service experience. This activity is extensive and it bears fruit."
Yesterday, Hutchison cancelled the acquisition of 75% of Scailex, which owns 44% of Orange franchisee Partner from Suny Electronics Ltd. (TASE: SUNY), controlled by Ben-Dov, for $125 million. At the same time, Suny would acquire Scailex's Samsung mobile phone importing business for $100 million, plus up to an additional NIS 100 million in the future based on business results over the next three years. Hutchison cancelled the deal, citing irregularities in presentations made by Suny in the acquisition agreement.
Published by Globes [online], Israel business news - www.globes-online.com - on August 22, 2012
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