France's Orange to cut stake in BT Group to 2.66 pct or less


PARIS, June 19 (Reuters) - French telecoms firm Orange
<ORAN.PA> said on Monday it was reducing its stake in Britain'sBT Group <BT.L> to about 2.66 percent from 4 percent, and could
cut it further to as little as 1.33 percent.
    Orange said in a statement it had launched the sale of about
133 million shares of BT, representing around 1.33 percent of
the group, via a private placement. BT would buy up to 200
million pounds ($255 million) in the placement, it said.
    The French group also launched an offering of four-year
maturity bonds exchangeable into BT shares for 520 million
pounds, reflecting a premium in the range of 35 to 40 percent
above the share price set via the initial private placement.

    ($1 = 0.7847 pounds)

 (Reporting by Mathieu Rosemain; Editing by Edmund Blair)
 ((; +33 1 4949 5182; Reuters


This article appears in: Fundamental Analysis , World Markets , Stocks , Economy , Bonds
Referenced Symbols: BT , ORAN

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