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France Telecom frees itself from Vodafone

Vodafone has agreed to sell its stake in France Telecom back to the French company for E11.63bn (£7.42bn) to reduce its debt.

By Mark Graham on 28 February 2001 11:38

NEWS In a statement, Vodafone said payment for the 113.85 million shares, a 9.87 per cent stake of France Telecom, will be received in three installments; E6.06bn (£3.87bn) on 5 March, E590 (£377m) on 26 March and the remaining balance of E4.97bn (£3.17bn) on 25 March 2002. Vodafone, the world's largest mobile phone company, also said France Telecom was to repay a E2.15bn (£1.37bn) loan plus interest on 13 March. France Telecom said the share buyback would be financed with E9.2bn (£5.9bn) raised from the Orange flotation and by the sale of certain non-strategic assets.

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