line divisions. Swisscom is a spinoff of the old state-owned PTT. The Swiss government still holds a 66.1-percent stake in the company. Chief executive Jens Alder told reporters that he expects it will be more difficult to make large acquisitions in the next 18 months, as large European rivals "are increasingly willing to take risks and pay higher prices for acquisitions." Alder previously has said he wants to expand outside Switzerland, but without changing the company's risk profile. Swisscom shares were up 0.7 percent at 422.25 francs (US$335.25; ¤271.08) in late morning trading on the Zurich exchange.
