Spain´s Jazztel has been offered 3.4 billion by Orange . The CNMV , Spain´s stock market regulator suspended trading in Jazztel shares when their value shot up by 12% hours before the deal was announced . The CNMV intends to investigate insider trading .Acquiring Jazztel would give Orange approximately 1.5 million broadband subscribers and follows Vodafones takeover of Spanish cable provider ONO last July . Orange CEO has said that with the economy improving this was the moment to reinforce their presence . At the receiving end of the 13 euros per share offer are Jazztel´s shareholders and its chairman Leopoldo Fernandez Pujals , a Spanish -Cuban who is now a US citizen and owns a 14% stake in the company . Pujals founded Jazztels in 1988 based on just one Madrid outlet and a capital investment worth just over 300,000 euros . By 1999 he was able to sell out for 360 million and then buy into Jazztel , which was then on the brink of insolvency .He used 60 million of the Telepizza sale .If the present deal goes through he will receive 14% of 3.4 billion . Check Out The Full Indepth Details Here: Spanish News | Orange Bids For Jazztel
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