FRENCH GOVERNMENT TO SELL FURTHER STAKE IN FRANCE TELECOM

The French Government proposes to pursue the privatisation of France Telecom this autumn, reducing its stake in the public operator from 75% to 62 or 63% through an increase in capital and the sale of shares held by the State. At current stock market prices (almost FF400), the Treasury could expect to earn about FF28 billion in two stages. The Government will first sell a 2% stake in France Telecom to the German operator Deutsche Telekom, and will subsequently release a further 5% or 6% of shares via the stock market this...