Wednesday, May 16, 2007

Swisscomm FastWeb Tender Succeeds

Swisscom's tender offer for FastWeb stock was successful with an acceptance level of 80.7 percent. This will give Swisscom ownership of 82.4 percent ownership of Fastweb stock when its own 1.7 percent of FastWeb shares is added in. The settlement of the tender offer will take place on May 22, 2007.

Swisscom will start to work with Fastweb to develop business plans and explore forms of cooperation in more detail. Fastweb's operations will continue to be managed separately. Swisscom will retain the Fastweb brand in Italy.

This arrangement should benefit both companies. FastWeb should be able to help Swisscom with its own IPTV offering.

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