By Suzanna Kerridge, 19 October 2001 17:20
NEWS France Telecom has confirmed it is to sell off property to help reduce its mounting debts. The French teleco admitted it has been in negotiations with a consortium grouping Whitehall investment funds - managed by Goldman Sachs and GE Capital since the spring. The debt reduction program will take part in two phases in the hope of raising up to E5bn (£3bn). The initial transaction is expected to be completed before 30 October and will bring in between E2 to E3bn (£1bn). The remaining E1 to E2bn (£600m to £1bn) will be raised by the end of next year.
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