Orange, the mobile phone operator owned by France Telecom SA, today confirmed plans to list up to 15 per cent of the company and said it will issue its prospectus in late January.
Orange said it was calling a London news conference at 11.00 a.m. to detail a share offer that will be a barometer for flotations in a telecoms market where share prices have slumped by around half since last March.
"The intention of the share offer is to make Orange shares widely available to private individuals as well as to institutional investors, and retail marketing campaigns are planned in France, the UK, Germany and Italy," the group said.
Orange, Europe's second-biggest mobile phone operator after British-based Vodafone Group, will have operating interests in 19 countries with a customer base of around 30 million. It said its TV and press advertising campaign would also begin today.
The group, which will have a primary listing in Paris and a secondary listing in London, plans a retail and institutional share offer and a simultaneous exchangeable bond offer.
"Mobile growth to date has been spectacular but I believe we have only seen the beginning," said Mr Michel Bon, France Telecom's chairman.
The French giant initially expected the enlarged company to be valued at up to euro 150 billion ($142 billion). But since telecom shares abruptly ended a bull run last March, Orange is now expected to have a market valuation of nearer euro 70 to 85 billion.
Reuters