State raises EUR3.4 billion from FT sale

8 Jun 2005

The French government’s sale of a stake in France Télécom has been something of a disappointment, with shares selling at the bottom end of the price range and banks left holding part of the allotted stake. Dow Jones Newswires reports that 152 million shares were sold at EUR22.50 each, raising EUR3.4 billion for government coffers. The French Treasury had hoped to offload 198 million shares or 8% of the telco at a price of between EUR22.50 and EUR22.85. The state has been left with a 34.9% interest in France Télécom, down from 41.08%, and says it intends to hold on to its stake for the medium term.

France, Orange Group