Telia Sonera rejected a 252 billion kroner ($42) billion bid from France Telecom today.

France Telecom wanted to pay cash and shares for the Swedish giant, but Telia Sonera thinks that undervalues the company. Nevertheless, France Telecom's bid represents a nearly 40% premium over Telia Sonera's share price.

A successful bid would turn France Telecom into a giant global player with not far short of 250 million customers worldwide. X