Indeed, rather than the promised juicy future profits, Sonera recorded a modest euro18m write-off.

ECONOMIST: European telecoms: Running for the exit | The

The big buzz is about Telia's ambitions to acquire Finland's ailing Sonera mobile group, Denmark's TDC or both.

FORBES: Taking on Telia

On May 3rd Sonera was downgraded two notches by Moody's, a rating agency.

ECONOMIST: Telecoms debt

One obvious problem lies in the Swedish government's 71% stake in Telia and the Finnish government's 53% holding in Sonera.

FORBES: Taking on Telia

Perhaps it should not be surprising that shares in Sonera have tumbled from more than euro95 last year to around euro6.25.

ECONOMIST: European telecoms: Running for the exit | The

In January, the country's communications minister, Matti Aura, fell on his sword, after a row over the privatisation of the national telephone operating company, Sonera.

ECONOMIST: Finland

Despite this year's high-profile virus attacks, mobile network operators have done little to address such security concerns - good news for Siilasmaa, who has already scored network clients like Finland's Sonera and I.

CNN: Virus protection coming for wireless users

It is a measure of how fast and how far the industry's star has waned that Sonera, Finland's biggest operator, was applauded on August 10th for its decision to hand back, for no financial return, its hard-won licence in Norway.

ECONOMIST: European telecoms: Running for the exit | The