France Telecom no longer interested in TeliaSonera

France Telecom no longer interested in TeliaSonera

France Telecom has revealed that they have now withdrawn their $40 billion offer to acquire TeliaSonera.

The news resulted in TeliaSonera shares taking a major beating at the stock market. The price fell down 12.7 percent to 43.50 crowns.

Investors in France Telecom were happy as the stock price jumped 7.5 percent.

Market analyst Vincent Griffon spoke about this new development: “By pulling out, France Telecom has shown that it is not in the business of getting big at all costs.”

France Telecom spoke while withdrawing their offer: “Notwithstanding the interest shown in the project, the dialogue opened with the board of directors of TeliaSonera was unable to reach agreement on its financial conditions.”