Swisscom chief rules out Austrian move

21 Aug 2003

The chief executive of Swisscom [NYSE: SCM], Jens Alder, has said that it is unlikely his company will proceed with plans to take control of Telekom Austria [NYSE: TKA] after talks with the Austrian telco’s main shareholder OEIAG broke down over the asking price. Swisscom had apparently offered EUR11 a share for its majority stake in Telekom Austria, well short of the EUR13 a share wanted by OEIAG.