France Télécom assesses possible Amena bid

19 Jul 2005

France Télécom (FT) has confirmed it is mulling a possible EUR9 billion bid, including debt, for Spanish mobile operator Amena. A spokeswoman for the French company said that ‘the Chairman of France Télécom requested that the group study the possibility of acquiring the mobile assets [of Auna] in line with the group’s strategy as an integrated operator’. She went on to say that FT, which is reaching the end of its three-year restructuring programme, is conducting due diligence on Amena. It is unclear whether an offer for the company will emerge, although it is understood that any bid will most likely comprise cash and shares. FT was saddled with nearly EUR50 billion of net debt at the end of 2004 and had previously ruled itself out of the running for Amena after it appeared that the cellco’s, and Auna’s, shareholders would only consider offers for the business as a whole.

France, Spain, Amena (Retevisión Móvil), Orange Group