Nordic duo join Sullivan on $40bn telecoms bid
Nordic independents Setterwalls and Hannes Snellman have picked up lead roles alongside elite New York firm Sullivan & Cromwell on the proposed tie-up of communications giants France Telecom and Telia Sonera. France Telecom is reportedly considering upping an indicative bid for Swedish-Finnish company Telia Sonera after an earlier bid valuing the target at $41bn (£21bn) became public on 5 June.
June 18, 2008 at 10:36 AM
2 minute read
Nordic independents Setterwalls and Hannes Snellman have picked up lead roles alongside elite New York firm Sullivan & Cromwell on the proposed tie-up of communications giants France Telecom and Telia Sonera.
France Telecom is reportedly considering upping an indicative bid for Swedish-Finnish company Telia Sonera after an earlier bid valuing the target at $41bn (£21bn) became public on 5 June.
France Telecom has turned to Sullivan for French and international advice, with corporate partner Gauthier Blanluet leading the team for the US giant in Paris.
Swedish firm Setterwalls is also advising France Telecom, led by corporate partner Soeren Lindstroem in Stockholm. Hannes Snellman is advising the company on Finnish law, with corporate finance partner Klaus Ilmonen heading up the deal team in Helsinki.
Linklaters is thought to be acting for Telia Sonera although the City firm was unavailable for comment.
If the combination was to go live, it would create the world's fourth-largest telecoms operator with more than 230 million users.
The opening cash-and-shares bid was put to the Telia Sonera board of directors and its two largest shareholders earlier this month.
Telia Sonera chairman Tom von Weymarn commented: "Telia Sonera is a strong business with excellent growth prospects in its own right. The board and management are focused on developing the company to its full potential, driving strong and sustainable earnings growth and maximising value for all shareholders. The indicative price… significantly undervalues this potential."
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