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France's Orange to cut stake in BT Group to 2.66 pct or less
June 19, 2017 / 4:59 PM / 6 months ago

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

PARIS, June 19 (Reuters) - French telecoms firm Orange said on Monday it was reducing its stake in Britain’s BT Group 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

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