FACTBOX - TeliaSonera's future after France Tel pullout

STOCKHOLM (Reuters) - France Telecom's withdrawal on Monday of a plan to acquire TeliaSonera (TLSN.ST) leaves the Nordic telecoms operator where it was two months ago -- as a standalone company with a mission to cut costs.

But the affair has shed light on how Sweden, which owns 37.3 percent of the firm, could react to any future bid attempts.

Following are some of the key factors for TeliaSonera's future and analysts' overviews of the main scenarios for the firm.

THE BID ATTEMPT -- Constrained by price

France Telecom declared its interest in TeliaSonera in mid-April and on June 5 unveiled an indicative cash-and-share bid worth $40 billion (20 billion pounds) as of last Friday. In the bid's favour were the absence of any other predators and the Swedish government's interest in selling off all, or at least much, of its TeliaSonera stake as part of a privatisation drive.

France Telecom was interested in gaining a wider strategic presence, particularly in emerging markets. TeliaSonera has several profitable holdings via associate companies in Russia and Turkey as well as in other emerging markets.

But the French company, which has pledged to keep a limit on its borrowings, was constrained by price and the TeliaSonera board, along with the Swedish government, rejected the bid. TeliaSonera said on Monday that as the terms had not improved significantly after talks, the plan still substantially undervalued TeliaSonera.

WHAT SWEDEN WANTS -- Avoiding political trouble

TeliaSonera is one of six holdings in a privatisation plan unveiled after the Moderate-led government came to power in 2006. Two of the goals -- the sale of a stake in exchange owner OMX (NDAQ.O) and of vodka maker Vin & Sprit VSG.UL -- have been achieved. The government's plan calls for holdings in all six firms to have been sold before the next election in 2010.