Swisscom denies Telekom Austria bid

23 May 2003

Swisscom [NYSE: SCM] Chief Executive Jens Alder has played down rumours of a possible bid for Telekom Austria, saying that the former monopoly operator has ‘no strategic reason to acquire abroad’. Swisscom is cash rich to the tune of CHF1.7 billion (USD1.31 billion) but Alder insists that none of his takeover targets are currently on the market.