France Telecom Withdraws Offer to TeliaSonera
You were intrigued when you heard that FranceTelecom was interested in buying out TeliaSonera. You cried with us when Telia immediately rejected that offer. You perked up with a glimmer of hope when we discovered FT was throwing more cash into the pot to sweeten the deal.
Now, finally, we have what we believe to be the final post in this ensuing saga of acquisition and heartbreak, as the talks between the two powers ended almost as quickly as they began.
We told you that we would hear news about the offer by today at the latest, and the Wall Street Journal did not disappoint for us when it reported that TeliaSonera’s board decided on Sunday evening that the new offer, while a “marginal” increase, was still too low.
But worry not everyone; FT isn’t through with its search for companies to buy up. The company is indeed turning its sights on smaller acquisitions, from Algeria to Vietnam to Egypt. So who knows what FranceTelecom has up its sleeve, but we’ll keep an eye out for you.