State plans further FT sale

6 Jun 2005

France has announced the sale of an extra 6%-8% of France Telecom (FT) in a deal which could raise as much as EUR4 billion, the bulk of which will be used to cut debt. The offer, which will be made via an accelerated stock placement to institutional investors, follows a similar move last September which raised EUR5.1 billion. On completion of the sale the state will directly and indirectly own between 33% and 35%; the finance ministry added that it intends to remain a significant investor in the ‘medium term’.

France, Orange Group