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France Telecom Offers $42B for TeliaSonera

French telco looks to expand into Turkey and Russia

By Jim O'Neill, Newser User

Posted Jun 5, 2008 7:26 AM CDT

(Newser) – France Telecom’s long-anticipated takeover bid of Swedish telco TeliaSonera finally landed today—with a thud. TeliaSonera immediately rejected FT’s $42 billion cash-and-stock offering—worth some $10.33 per share—as too low, reports the New York Times. Investors appeared to disagree, pushing France Telecom stock down 4% in Paris as analysts worried the buy was too big.

“The market thinks France Telecom is offering about $3 billion too much for TeliaSonera, based on our calculations. That’s why the stock is falling,” said one analyst. “Also, there are questions about the wisdom of making an acquisition of this magnitude.” FT said the merged companies would be the world’s fourth-largest mobile operator.

A logo of France Telecom is seen Wednesday, Feb.6, 2008. (AP Photo/Jacques Brinon)

Men walk past a France Telecom shop Wednesday, Feb. 6, 2008 in Paris. (AP Photo/Jacques Brinon)

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France Telecom Offers $42B for TeliaSonera

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France Telecom Offers $42B for TeliaSonera

French telco looks to expand into Turkey and Russia

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OTHER STORIES ON OUR RADAR

telecom industry • acquisition • France Telecom • telephone • TeliaSonera

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Wireless Drives AT&T Growth

Company posts 22% increase in net income for Q1 despite dip in landline earnings

Verizon Sues Alltel Over Guinea Pig Ad

Wireless giant says claims made in commercial are untrue

AT&T Disconnects Pay Phones

Call a friend on your cell to report end of 129-year-old business

FCC OKs $24.7B Alltel Buyout to Private Group

But wireless carrier's new owner faces "unnecessary" restrictions, commish says

More Americans Go Wireless

Landline use falls; one-eighth of US households rely on cellphones only

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Newser By Users

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What is Newser?