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Sky was at the centre of attention once more in the ongoing battle between Walt Disney and Comcast. The recent entry of Iliad on the Italian market keeps giving rise to competitors repositioning their commercial offers, according Telecompaper. And in the UK both BT and TalkTalk were under fire over corporate governance issues. All in all, our European telecoms index lost 1.4 percent during week 28, versus a slight 0.2 percent gain for the EuroStoxx 50 index. 
 
Satellite shares were particularly strong last week, anticipating 5G-related windfalls from spectrum holdings in the US: Intelsat (+17%), SES (+15%), Inmarsat (+9.3%), Eutelsat (+4.5%) and also Iridium (+7.3%). The weakest shares included Turk Telekom (-16%) and Turkcell (-13%), as well as Finnish Elisa (-10%) reporting on Q2, leaving investors disappointed with the reported growth.
 
Sky
 
21st Century Fox raised its offer for Sky (+5.4%) to GBP 14 per share, but within hours Comcast set the bar higher at GBP 14.75. Sky closed the week at GBP 15.35, suggesting that investors are counting on 21st Century Fox going even higher. The company supported Comcast's higher bid and stated that "both offers for Sky are now capable of being put formally to Sky shareholders".
 
It remains to be seen who will end up owning all the different parts: 21CF's entertainment assets, the company's remaining news business ('New Fox'), the company's sports assets that Disney would have to spin off (22 regional sports networks) and of course Sky (39% owned by 21CF).
 
Italy
 
Meanwhile in Italy, the mobile operators are still adjusting their commercial offers in response to Iliad's (-3.4%) recent market entry. CK Hutchison's (+0.1%) 3 Italia launched a summer promotion and added a music service, with six months free access to Apple Music. TIM (-7.4%) did a smartphone promotion and ventured into FMC (fixed-mobile convergence) territory. Vodafone (-5.0%) gave away 30 GB of free data to its subscribers.
 
UK
 
In the UK, TalkTalk's (-0.2%) top management came under fire over issuing new shares earlier in 2018 and some BT (-4.0%) shareholders are rejecting the outgoing CEO's pay package.
 
Vodafone
 
Vodafone featured in a diverse range of international news, from a delay of the possible acquisition of Forthnet (-4.3%) in Greece to a new partner market agreement in Tunisia. And from a set-back in the Indian merger with Idea Cellular to the launch of a number of Vodafone-branded wearables.
 
Year-to-date
 
Year-to-date the worst performing shares include two micro-caps (Tiscali -39%, Forthnet 38%), two small-caps (Play -37%, Tele Columbus -35%) and a mid-cap (Iliad -31%). Intelsat (+519%) leads the winners, followed by Altice (+144%). At some distance are Iridium (+56%), Sky (+52%) and SES (+39%).