French telecom Orange makes 3.4 million euro bid for Spanish operator Jazztel
French telecom Orange made a 3.4 billion euro bid on Monday to acquire Spanish fixed-line operator Jazztel.
If the acquisition goes ahead, Orange could create Spain's second-largest fixed broadband carrier and third-largest mobile network operator.
Orange, formerly France Telecom, said it would offer shareholders 13 euros per share, 34 per cent above the price of the market.
According to Orange, Jazztel's chairman Leopoldo Fernandez Pujals will accept the offer which is officially presented to shareholders on Tuesday.
Orange's bid comes after British Vodafone bought Spanish cable firm Ono for 7.2 billion euros earlier this year.