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Swisscom reveals war chest for European expansion

Jens Alder, the president of Swisscom, says the company has the necessary funds for European expansion

(Keystone)

Jens Alder, the president of Swisscom, Switzerland's largest telecommunications company, has revealed that the telecom giant has amassed a war chest of between SFr 5 billion and SFr 10 billion ($3billion and $6billion) for European expansion.

In an interview with the German language economics newspaper "Finanz und Wirtschaft", Alder said that any expansion would be based around acquiring other European firms.

However he was quick to point out that the acquisitions would have to fit in with Swisscom's expansion strategy and would have to come at a good price with a sound management structure.

Over the past two years, Swisscom has made no secret of its plan to expand further into Europe. It has considered buying more than a hundred different European telecom companies.

If the quest for a suitable acquisition continues to prove fruitless, Alder hinted that the money would be used to buy back shares from stakeholders.

Swisscom will announce its half-year results on Thursday with operating margins expected to be in the region of 22 to 25 per cent.

swissinfo with agencies


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