Directory firms embroiled in $2bn takeover talks

Italy's largest phone directory publisher, Seat Pagine Gialle is expected to announce later today the purchase of the Swedish yellow pages business Eniro, which is valued at $1.9bn.

According to the Financial Times, Telia - 71 per cent owned by the Swedish government - held meetings yesterday to discuss approving the deal. Neither company is commenting on the details. However, Seat's all share offer is expected to be close to the $1.9bn figure Eniro was valued at when markets closed on Friday. Eniro has businesses in 23 countries and has seen its stock rise 27 per cent so far this year while Seat stock has dropped 38 per cent this year. However, in early trading its shares had risen 21 cents to E1.47 (91p), giving it a market value of E16.4bn (£10.25bn).