Tier 1 M&A Update
According to fresh reports, the Spanish giant is figuring out how to increase its stake in China Netcom Corp. Ltd. (NYSE: CN; Hong Kong: 0906), which is merging with the GSM operations of China Unicom Ltd. (NYSE: CHU). (See China Begins $70B Carrier Revamp.)
Elsewhere, the Financial Times reports that Vodafone has pulled out of the race to buy Tiscali SpA (Milan: TIS), the broadband services player with operations in the U.K. and Italy. (See Tiscali Takeover Looms.)
There is one European carrier sale that looks set to be completed, as French carrier Iliad (Euronext: ILD) is on course to consummate the deal that will see it buy Telecom Italia (TIM) 's French broadband business. (See Iliad Closes In on $1.3B Acquisition .)
Media reports suggest Iliad is close to putting together the financing deal it needs to pin down the €800 million ($1.27 billion) deal.
— Ray Le Maistre, International News Editor, Light Reading