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TeliaSonera AB on Thursday spurned an unsolicited approach from France
Télécom SA, insisting that that the 252.5 billion Swedish kronor ($41.9
billion) offer is way too low.
France Télécom offered Skr56.23 per share in cash and stock for TeliaSonera, 26% above the closing price on April 15, the last trading day before France Télécom's interest became public.
The acquisition would be France Télécom's largest since its 2000 purchase of Orange plc for £27.8 billion ($55.1 billion), and would create the world's fourth-largest telephone company, behind AT&T Inc., Verizon Communications Inc. and NTT Corp. of Japan, and surpass Deutsche Telekom AG as Europe's leader. The French telecom mooted the bid just as Vodafone Group plc confirmed that its joint venture with Verizon, Verizon Wireless, was mulling a bid for Alltel Corp., which would knock AT&T off the top spot in U.S. mobile telephony if it succeeds. A combined France Télécom-TeliaSonera would be the global No. 3 in fixed broadband and No. 4 in mobile, with a "well-balanced" portfolio between developed and emerging markets, according to the Paris-based suitor. In rejecting the approach soon after it was announced, TeliaSonera said its board of directors had decided unanimously against it. - Renee Cordes See full story on TheDeal.com See Dealscape: Vodafone confirms Verizon Wireless-Alltel talks Categories Deal Video
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