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France to sell France Telecom shares

Sept. 1, 2004 at 2:36 PM   |   Comments

PARIS, Sept. 1 (UPI) -- France will sell 9.6 percent of shares in France Telecom, the French finance ministry announced Wednesday.

The state-owned telecommunications company will raise at least $5.4 billion (4.5 billion euros), and reduce the government's stake in France Telecom to 41 percent. The ministry said the government will remain a major shareholder in the company in the medium-term.

"The state has decided to reduce the nation's debt by lowering its stake in France Telecom's capital," the finance ministry said.

© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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