France Telecom ups bid for TeliaSonera

France Telecom was in talks to take over TeliaSonera after improving its offer for the Swedish-Finnish operator, the Wall Street Journal reported in its online edition on Monday.

Earlier this month, France Telecom made a preliminary offer of €33 billion ($53 billion) for TeliaSonera in a bid to create the world’s fourth-biggest mobile operator, but the Nordic operator immediately rejected it as “significantly” undervaluing the company.

Citing people familiar with the talks, the WSJ said France Telecom had raised the price of the stock component of its offer, but it was still under 60 Swedish kronor per share.

France Telecom’s earlier offer comprised 52 percent cash and 48 percent in shares, with the cash component pitched at 63 kronor ($10.4) per share and the share component at 56.2 kronor.

France Telecom has set an informal deadline of Monday for reaching a deal, the WSJ reported.