TeliaSonera Shares Plummet as France Télécom withdraw Takeover

French telecommunications giant France Télécom has withdrawn its offer to buy up Swedish-Finnish TeliaSonera.

According to a press release from the French company, the companies’ respective boards couldn’t come to any agreement regarding the financial conditions.

The French’s first offer at around 42 billion dollars was not accepted by TeliaSonera’s board. Apparently, the French couldn’t afford the full amount in cash and wanted to pay half the money with their own shares.

News that the deal had fallen through made TeliaSonera’s shares plummet by 12.3 percent, down to 7.3 dollars when the Stockholm stock exchange opened this morning. According to Reuters reports, France Télécom’s shares rose by 9 percent in Paris.