Swisscom gets regulator's approval for Fastweb offer

6th October 2010, Comments 0 comments

Swiss telecoms operator Swisscom said on Wednesday that the Italian stock market regulator had given the green light for an offer for outstanding shares in Italy's Fastweb.

"Consob approved the offer prospectus" on Tuesday, Swisscom said in a statement.

"The offer period will commence on October 11, 2010 and will end on November 12, 2010."

Swisscoms said it currently held 82.082 percent of the Italian telecoms firm's shares through its Italian subsidiary.

It will offer 18 euros a share for the remaining 17.918 percent at a total cost of 256 million euros (325 million dollars).

Fastweb is the target of a major probe for money-laundering and tax fraud in Italy along with Telecom Italia Sparkle, a subsidiary of rival operator Telecom Italia.

The two Italian companies, which deny any wrongdoing, are accused of evading 365 million euros in taxes and laundering illicit money by billing about 2.0 billion euros in telephone services from fake companies between 2003 and 2007.

Fastweb's board recommended acceptance of Swisscom's offer on Monday.

© 2010 AFP

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