Telekom Austria has offered between €800 million and €950 million for a 51% stake in telecom operator, Telekom Srbija, The Wall Street Journal reports. The Serbian government, which controls Telekom Srbija, had expected to fetch €1.4 billion from the sale. The proposal is subject to merger clearance and negotiations with the government about certain value-creating conditions. France Telecom withdrew from the bidding process as the price tag was too big, adds Reuters.
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