The inability to reach a financial settlement has led France Telecom to give up buying the Swedish TeliaSonera. Both companies have been debating the value of the deal for some time, but the results have been unsuccessful, a statement reveals.
Now the French operator claims that it will follow its business without considering the purchase of TeliaSonera again and says that the business «was not essential to its strategy». For its part, the Swedish operator «maintains its position and claims that the proposal substantially undervalued the company».
It is recalled that on the 5th of June, France Telecom submitted a public offer for acquisition, setting the value offered at 27.144 billion euros.
The figure meant a 26 percent appreciation against TeliaSonera’s stock price on the 15th of April, the last session before the French operator’s interest was known.
2008-06-05 – France Telecom advances with takeover bid on Telia Sonera