France Telecom (FTE) NewsBite - FTE Withdraws Bid for TeliaSonera

Posted on Monday, June 30, 2008 1:11 PM

France Telecom (FTE) opened at 29.84. So far today, the stock has hit a low of 29.47 and a high of 30.11. FTE is now trading at 29.73, up 2.37 (7.94%). The stock hit its 52 week high of 39.70 in November and set its 52 week low of 26.40 in July. FTE has been falling since November of last year. France Telecom announced today it has dropped its proposed $42 billion takeover bid for TeliaSonera as the companies were "unable to reach agreement" on financial conditions. On the news, a Credit Suisse analyst upped FTE to "Outperform" from "Neutral." Technical indicators for the stock are bearish and steady while S&P gives FTE a positive 4 STARS (out of 5) buy rating. We will just watch this one for now. There are no options available for FTE. [RHF - Seven Summits Strategic Investments NewsBite]

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