FT/TeliaSonera: Value evaporation

Teliasonera is pushing France Telecom’s value creation argument to the limit. The Scandinavian telecom group has rejected an E30bn cash and shares takeover proposal from its French counterpart, saying it “significantly undervalues” the business. That puts FT in a bind. Analysts and investors have struggled to find merit beyond empire building in the creation of the world’s fourth largest mobile operator. An improved bid will only make that worse. FT says its proposed 48% paper - 52% cash split ...