PARIS-France Telecom announced plans to float up to 15 percent of its mobile subsidiary, Orange SA, in an effort to reduce its debt. The float will take place by the end of January on the Paris and London stock exchanges. The company also said it is planning to issue a bond that will be exchangeable into Orange ordinary shares at a premium to the share offer price. The bond issue may increase the size of the total offer by up to one-third.
France Telecom intends to use proceeds of both the share and bond offers to repurchase shares owned by Vodafone Group. France Telecom acquired Orange from Vodafone in an agreement that was completed last August.
