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June 23, 1997updated 05 Sep 2016 12:50pm

SBC TAKES 40% STAKE IN SWISS TELECOM RIVAL, DIAX

By CBR Staff Writer

The Financial Times reports that US telecommunications company SBC Communications Corp is taking a 40% stake in Swiss electrical utilities venture, Diax set up to rival Swiss Telecom when it losses its monopoly at the end of the year. Diax aims to be a full telecommunications provider within three to five years and is investing between $327m and $428m. SBC is contributing several executives to the venture and there are plans to float it in the future. SBC is currently rumored to be in talks with AT&T Corp, negotiating a possible $50bn merger.

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