 Liberty Global plans to take over Switzerlands Sunrise Communications in a surprise 7.4 billion deal announced by the companies on Wednesday. The agreed deal reverses Sunrises failed bid to buy Libertys Swiss business last year and marks a strategic reversal by the U.S. company which has been divesting European assets. The all-cash 6.8 billion Swiss franc 7.43 billion deal will see Liberty Global, set up by U.S. cable pioneer John Malone, pay 110 francs per share for Switzerlands No. 2 telecoms company, a 32 premium to the companys average share price over the past 60 days. 