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Elovitch, who closed the deal for NIS 8 per share will have six month to solve four major regulatory problems.
He will be required to sell his 32.6 percent stake in satellite broadcaster Yes because the Supreme Court has ruled that Bezeq, which holds 49.8 percent of Yes cannot merge the company. However, selling Yes, which has huge debts will be no easy matter.
Elovitch will also have to sell the activities of 012 Smile although he has already said that he will retail the company as a stock market shell for holding Bezeq. Elovitch cannot hold both 012 Smile and Bezeq International because he will then be deemed a monopoly in the Internet Service provider (ISP) market.
Elovitch will also find it difficult to get regulators approval because Eurocom holds a 40 percent market share in the organizational telephone centers market, while Bezeq International also has a 40 percent market share.
Another problem is that Eurocom imports Nokia mobile phone handsets, which are acquired in large numbers by Bezeq's mobile carrier subsidiary Pelephone Communications. Ilan Ben-Dov who imports Samsung mobile phone handsets has been able to continue doing so despite his acquisition of Partner Communications Co. Ltd. (Nasdaq: PTNR; TASE:PTNR; LSE:PCCD). But the ruling on Ben-Dov may not apply to Elovitch because Nokia's market share is 10 percent higher than that of Samsung.
To see more of the Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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