The Swiss Competition Commission (ComCo) has decided to prohibit the proposed combination of TDC’s and France Telecom’s respective subsidiaries in Switzerland, Sunrise and Orange.
TDC and France Telecom state that they are surprised by the decision as…
The Swiss Competition Commission (ComCo) has decided to prohibit the proposed combination of TDC’s and France Telecom’s respective subsidiaries in Switzerland, Sunrise and Orange.
TDC and France Telecom state that they are surprised by the decision as they believe that the combination would have benefited the Swiss consumers, and add that as the transaction is subject to Swiss competition authority approval, they will assess their available options regarding potential next steps.
Earlier this month the operators announced on that due diligence was complete and all necessary documents had been signed.
France Telecom was advised by Perella Weinberg and Lazard.
TDC was advised by UBS and Morgan Stanley.
TDC further stated that the release of its financial statement for Q1 2010 will consequently be moved back to May 7 2010. The Danish operator’s proposed IPO was also believed to be contingent on the closing of the Swiss merger.