TELECOMMUNICATIONS/FRANCE: BOUYGUES IS ONLY APPLICANT FOR UMTS LICENCE.

• Position: Bouygues Telecom

In order to ensure the success of the second tender process, the initial cost of Euro 4.95 billion had been reduced to a mere down-payment of Euro 619 million, plus a 1% tax to be levied on the operators' future revenues. In addition, the duration of the licences was extended from 15 to 20 years to

compensate for the delay in launching the services, which are not expected to be available to the general public until 2004.With the sale of three licences, the French government will reap Euro...