France Telecom bids $42 billion for TeliaSonera

The possible Verizon Communications/Alltel deal may be the buzz of the U.S. telecom industry today, but another long-rumored, mobile match is brewing overseas. France Telecom has launched a $42 billion bid to acquire TeliaSonera, a bid that reportedly already has been rejected by TeliaSonera. There has been speculation since earlier this spring that France Telecom was interested in buying the company as part of an effort to bulk up outside of its native market. Those talks were rumored to be on, then off, and now on again. Though TeliaSonera rejected the bid as undervaluing the company, other observers believe the bid overvalued TeliaSonera. Looks like this one could take a while to play out.

For more:
- check out this coverage at The New York Times