Once again, the wisdom of the markets rules, finding favor with France Telecom, whose stock rose after it scuttled its $42 billion takeover bid for TeliaSonera, whose stock promptly crashed on word it would not be transforming into Europe's largest telecom by revenue. Odd that it was TeliaSonera that kicked and screamed so hard, when it looks like it had the most to lose…
France Telecom abandoned its $42bn bid for TeliaSonera on Monday after failing to agree a price with the Nordic telecommunications company and its main shareholder, the Swedish government.
“Following its proposal for a friendly combination with TeliaSonera announced on 5 June, France Telecom has today decided not to submit a firm offer to TeliaSonera’s shareholders,” the French group said in a statement.
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