U.S. News

Fastweb Board: Swisscom's Bid Is Fair


Italy's second-largest telecom company Fastweb said Monday its board considers a 47 euros ($62.35) per share offer by Switzerland's largest telephone company Swisscom as fair and considers it a good development opportunity.

Fastweb said its financial advisers, Deutsche Bank and UniCredit Banca Mobiliare, have expressed a positive opinion of the friendly takeover bid launched by the Swiss state-controlled telecom group.

Swisscom plans to make an all-cash bid for Fastweb that values the Italian broadband company at 3.7 billion euros ($4.9 billion) .

Fastweb's board met Monday to evaluate the banks' "fairness opinion" on the Swisscom bid.

The Milan-based company is Italy's second-largest fixed-network operator, and the first in the country to offer a triple-play package combining voice, data and video over Internet technology.