France Telecom said this morning it is walking away from its bid for TeliaSonera, after the two companies reportedly had been negotiating toward a deal over the weekend. The French telco's interest in the Nordic operator has been known for some time. It originally offered to buy the company for about $42 billion, but TeliaSonera had insisted that was not enough. France Telecom reportedly had considered increasing its bid.
With no other rivals seeking TeliaSonera's hand, it is unclear whether the companies have gone their separate ways for good, or if there is a chance talks could resume. The combination of France Telecom and TeliaSonera would have created Europe's largest telco by revenue, and would have helped France Telecom expand internationally as it faces more and more competition back home.
- check out this coverage at The Wall Street Journal