Telenor Serbia is reportedly considering the acquisition of Croatia'snsmallest mobile network operator, Tele2 Hrvatske, as part of anninitiative to broaden its footprint in the Balkans. A purchase price ofnEUR150-200mn is mooted, reflecting the company's modest presencenin the Croatian telecommunications market and assets such asnits 2G/3G licences. Tele2 has struggled to compete with two verynstrong internationally backed players and BMI is not surprised thatnthe company may be ready to concede defeat. We see Telenor as anstrong potential investor with considerable experience of growingnvalue-added services amid challenging economic conditions.
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