BRUSSELS, Dec 31: Belgacom and Telindus have reached a conditional agreement on a tie-up, the two companies said late on Friday, amid a bidding war that has pitted Belgium’s telecoms giant against France Telecom.

“Belgacom and Telindus are pleased to announce that they have reached agreement on a partnership which will preserve Telindus as a separate company with its own brand, identity, culture and values within the Belgacom Group,” the firms said in a statement.

Telindus board members with shares or representing other shareholders will inform the market of their position on Jan 3 at the latest, it said.

“The conditional agreement will take effect if no higher offer is filed for Telindus at the latest on 4 January 2006.”—Reuters