Swisscom AG (SCMN.VX) Wednesday said it will offer EUR256 million, or EUR18 per share, to acquire the outstanding shares in its Italian Fastweb business.

The Swiss telecommunications company now indirectly owns 82.1% of Fastweb shares, bought in May 2007, and is seeking to acquire the remaining 17.9% of the stock.

Swisscom said Fastweb has achieved strong growth since the takeover and is well placed to take advantage of the further growth potential and opportunities offered by the Italian telecommunications market.

The offer price for the remaining Fastweb shares represents a premium of EUR4.63, or 34.6% on Tuesday's offical share price. The takeover will be financed from its own funds or existing credit lines, it said.

Company Web Site: http://www.swisscom

By Neil MacLucas, Dow Jones Newswires; +41 43 443 8046; neil.maclucas@dowjones.com
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