FT shareholder offer could reduce government stake to below 50%

29 Apr 2004

France Télécom (FT) is poised to announce an all-share squeeze-out offer to minority shareholders in its ISP Wanadoo that could reduce the state’s holding in FT to below 50% on a fully diluted basis. According to the Financial Times, a reduction of the government’s holding to below the symbolic 50% threshold – a figure it has historically promised not to breach through a simple sale of shares – could remove the final obstacle to a further privatisation of the national PTO. FT is worth an estimated EUR50 billion, making it the centrepiece of the state’s privatisation programme.

France, Orange Group