France Telecom Makes $42b Offer for TeliaSonera
10 June 2008Consolidation in the mobile phone business continues with France Telecom’s announcement this week that it has begun negotiating to acquire TeliaSonera, Sweden’s incumbent telco, by offering some $42 billion in cash and shares, 39% more than TeliaSonera’s share price on April 15. TeliaSonera said its board of directors had rejected France Telecom’s proposal with chairman Tom von Weymarn saying, “It substantially undervalues the company.” The Swedish government agreed with von Weymarn but said it’s open to offers from others. Verizon Wireless this week said it intends to acquire Alltel, a move that would make Verizon Wireless the US’ largest cellco instead of AT&T.
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