France to sell 20% of Telecom
Tuesday 09 September 1997
The sell-off was originally planned for June by the previous conservative administration but was abandoned, along with other planned privatisations, by the new socialist government under the Prime Minister, Lionel Jospin.
Dominique Strauss-Kahn, the Finance Minister, said yesterday that the government intended to sell around 20 per cent of France Telecom to private and institutional investors.
He said ministers also wanted Deutsche Telekom to own a further 7.5 per cent stake in the company after the sale. France Telecom would buy a similar sized stake in the German carrier. The two phone groups already collaborate in the Global One alliance with Sprint, the US long-distance operator.
In addition, France Telecom's employees would own around 3 per cent, bringing the total stake released by the government to more than 30 per cent. Mr Strauss-Kahn insisted the sale was not the same as a privatisation. "This is an opening of the capital. Privatisation means selling more than 50 per cent."
The syndicate of banks and brokers created under the previous plans, which could have seen up to 49 per cent of France Telecom sold, was still in place in the hope that the sale would ultimately receive the go-ahead.
Analysts said the government needed to raise funds to help reduce its borrowings.
On Friday it was confirmed that Air France will not be privatised, prompting Christian Blanc, the airline's chairman, to hand in his resignation.
Kirstie Allsopp has waded into the female fertility debate again
Gillian Anderson lays into gender disparity in Hollywood
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 35,000 walrus gather on north-west Alaska beach 'for a rest'
- 5 Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Jennifer Lawrence nude photos leak: More celebrities allegedly targeted as third wave of hacked images released
Cheryl Cole named 'the most dangerous celebrity' on the internet
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...