Orange gives shareholders sell-out deadline

8 Apr 2004

Pan-European mobile operator Orange yesterday told its minority shareholders they had until 16 April to sell their shares to France Télécom (FT) on a voluntary basis, after which time they would be forced to do so under a compulsory purchase scheme. FT is keen to purchase the 13.7% it does not already own of Orange for EUR7.1 billion, or EUR9.5 a share, but has been met with resistance from a small group of shareholders who rejected the offer back in December 2003 on the grounds that it undervalued the mobile operator. However, earlier this week a French court threw out the rebel shareholders’ claims.

France, Orange Group