France Telecom shot higher on Monday after withdrawing its offer for Nordic telecoms operator TeliaSonera.

France Telecom jumped 7.2 per cent to €18.71 as investors breathed a sigh of relief that the French company stuck to its guns and did not raise its initial bid offer. TeliaSonera tumbled 10.4 per cent to €44.60 as the bid premium evaporated, pulling the rug from under the stock.