France Telecom, Deutsche Telekom to swap Dutch, Spanish unit within days- report |
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Thu, 24 May 2007 07:54
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PARIS (Thomson Financial) - France Telecom and Deutsche Telekom are expected to conclude within the next few days an agreement to exchange their respective Orange Nederland and Ya.com units, according to the French business press.Les Echos said, citing unnamed sources, that an agreement will be announced at the end of this week or early next, once employees have been informed.According to the newspaper, France Telecom is to sell the Dutch subsidiary of mobile phone division Orange for 1.6 bln eur, including debt, while Deutsche Telekom is to cede Spanish internet access provider Ya.com for 300 mln eur.La Tribune, which said that an agreement is 'imminent', said that Deutsche Telekom will pay its French counterpart 1 bln eur to reflect the different valuation of the assets.France Telecom confirmed yesterday that it is in talks to acquire Ya.com, while also indicating that it had received expressions of interest for Orange Nederland.Deutsche Telekom, meanwhile, refused to comment on the rumours, but said 'acquisitions are part of our strategy.'The companies' statements followed a report in Spanish daily Expansion, claiming that France Telecom had proposed to Deutsche Telekom that it partially exchange its Ya.com Spanish unit for Orange Nederland.tfn.paris@thomson.comgt/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Euroshares open higher, Deutsche Telekom higher on Dutch acquisition move 