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Technology Stocks : Sonera (SNRA) : The next Nokia ?
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To: Joar who wrote (79)8/13/2000 11:48:43 PM
From: Secret_Agent_Man  Read Replies (1) of 101
 
Orange said to bid $30 bln for Sonera
By Ivar M Simensen, FTMarketWatch 2:48:00
PM BST Aug 13, 2000

LONDON (FTMW) – British mobile phone
operator Orange is preparing a $30 billion
offer for Sonera, the Finnish operator,
according to a report in the Sunday
Telegraph.

The bid could be launched before Orange’s
planned IPO before the end of the year, the
report said.

When France Telecom [FR:013330] bought
Orange earlier this year it aimed to build a
global mobile phone business based around
Orange. Michel Bon, the CEO of France
Telecom, is believed to have been talking to
the Finnish group.

Sonera [SNRA] and Orange had already
established strategic links when they decided
to bid together for a German UMTS license.
But Orange withdrew from the group because
France Telecom is bidding for a license of its
own. More about the German UMTS auction.

Sonera has more than 60 percent of the
Finnish market and holds a strong position in
Turkey, through its stake in Turkcell. The
Finnish government currently owns 53 percent
of Sonera but is expected to sell down its
stake.

Sonera is perceived to be at the forefront of
the mobile technology and has attracted the
attention of other companies, such as
Deutsche Telekom [DE:555750]. Deutsche
Telekom is thought to have moved away from
making a bid after launching an offer for
Voicestream [VSTR] of the U.S. See full
story.

Ivar Simensen is a reporter for
FTMarketWatch in London
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