(Associated Press via NewsEdge)Swisscom, the former state telecommunications monopoly, said it offered to buy Fastweb, Italy's second-largest fixed-line phone company, for 3.7 billion euros ($4.9 billion) to expand into the Mediterranean nation.
The offer values Fastweb at 47 euros ($61.70) a share , Swisscom said in a statement.
'Italy is one of the most attractive broadband markets in Europe with significant expected growth potential over the next few years,' Swisscom said in a statement.
Fastweb, which has 1.1 million customers, was the first company in Italy to offer a so-called triple-play package combining voice, data and video over the Internet.
Shares in Fastweb were suspended at 42.02 euros ($55.14) on the Borsa Italiana.
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