FT-Teliasonera

Publié le par Jean Arnal


FT has made a friendly approach with a €27bn indicative offer on Teliasonera, made of a mix of stock and cash. FT would made a formal offer in the following two weeks according to Swedish government and Teliasonera reactions. FT will not make an hostile offer and will seek the support of Teliasonera board and Swedish and Finnish governments. Precisely, Teliasonera and the Swedish government have said the offer undervalue the company and and consequently rejected the offer. The door, however, is not closed and intense talks will take place in coming two weeks. For FT, the deal is important but not vital and FT said it has some other options. It has borrowed €10bn from banks for acquisitions and its debt will not suffer too much. Both companies have interest in the (friendly) deal. A combined FT-Teliasonera would have over 240m subscribers and leading market share in 21 countries. It would be ranked first carrier in EU considering revenues, mobile and fixed businesses, fourth carrier worldwide considering revenues of about €63bn; number 4 in mobile with over 170m customers; and number 3 in fixed broadband with over 17m subs. The deal is attractive, but not done. Everybody expects FT to increase its offer in coming days. Wait and See....

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