Swisscom buys back its mobile phone unit from Vodafone
Geneva (dpa) - The Swiss telecoms company, Swisscom, is to buy back a 25 per cent stake in its mobile unit from the British mobile phone company, Vodafone.
The long-awaited deal worth 3.5 billion US dollars (4.25 billion chf) should boost Swisscom's domestic market position. The company has struggled to grow in the face of falling prices and competition by cable operator, Cablecom.
The Swiss government, which still holds a majority stake in Swisscom, agreed to the purchase after blocking foreign takeovers. The company said the buy back from Vodafone, which secured the 25 per cent holding in Swisscom Mobile in 2001 for 3.6 billion US dollars (4.5 billion chf), should be completed before the end of the year. // © 2006 DPA
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