French mobile operator SFR and the Louis Dreyfus group are reported to have agreed a call option on any future sale of a stake of 2% or more in neuf Cegetel from each other’s holdings in the fixed line telecoms group, according to the French market regulator AMF. According to AFX, the call option was agreed last month and came into force on 24 October. It will run for an initial period of six years with potential three-year renewals.
Alternative operator neuf Cegetel was floated on Euronext Paris last week after an IPO which valued the company at EUR4.7 billion. SFR, which is 56% owned by Vivendi and 44% by the UK’s Vodafone Group, is the biggest shareholder in neuf Cegetel with a 40.6% interest. Louis Dreyfus now has a 29.6% stake in the company, having previously been almost as large a shareholder in neuf Cegetel as SFR.