Shareholders give thumbs up to neuf Cegetel merger

24 Aug 2005

Shareholders of the French wireline operator neuf telecom have approved a merger with rival firm Cegetel. The merger will create the country’s largest alternative wireline telco and the main rival to former monopoly France Télécom. The mobile operator SFR, which is backed by Vivendi and Vodafone, will be left with a 28% stake in the new neuf Cegetel group and will get three of the nine available seats on the new entity’s board. neuf Cegetel is aiming to have signed up four million residential customers – half of them DSL subscribers – and to claim 20% of the business market by 2007.

France, neuf Cegetel, SFR