FTE » Topics » 4.5 DIVESTITURES

This excerpt taken from the FTE 20-F filed May 22, 2006.

4.5 DIVESTITURES

 

The main divestitures of France Telecom are described in the Notes to the Consolidated Financial Statements under Note 4 “Main acquisitions and disposals, and other changes in the scope of consolidation”.

 

The divestitures refer to the following transactions:

 

  n   For the financial year 2004:

 

  - disposals of subsidiaries and consolidated shareholdings: IPO of PagesJaunes (France Telecom held 62% of the capital at December 31, 2004); disposal of the 100% interest in Orange A/S (Denmark); disposal of Equant’s 49% shareholding in Radianz; and reduction from 49% to 10% of the shareholding in the capital of BITCO (Thailand).

 

  - disposals of the other shareholdings: disposal of a 27% interest in the capital of NOOS; disposal of 30 million shares in STMicroelectronics, representing 3.3% of the capital in that company.

 

  n   For the financial year 2005:

 

  - disposals of subsidiaries and consolidated shareholdings: Sale of cable activities, including France Telecom Cable subsidiary; sale of 8% of the capital of PagesJaunes (France Telecom held 54% of the capital at December 31, 2005).

 

  - disposals of other shareholdings: delivery of STMicroelectronics shares following the 2002 issue of bonds exchangeable for STMicroelectronics shares (France Telecom no longer holds any ST Microelectronics shares); sale of MobilCom Shares (after this disposal, France Telecom continues to own 1% of MobilCom); Sale of interest in Tower Participations; Sale of the entirety of the stake in Intelsat.

 

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This excerpt taken from the FTE 20-F filed May 17, 2005.

4.5 DIVESTITURES

 

The main divestitures of France Telecom are described in the Notes to the Consolidated Financial Statements under Note 3 “Main acquisitions of companies, disposals and changes to group” in the case of subsidiaries and consolidated shareholdings and under Note 12 “Other investment securities” in other cases (see those Notes).

 

The divestitures refer to the following transactions:

 

  n   For the financial year 2002:

 

  - disposals of subsidiaries and consolidated shareholdings: TPS (Télévision Par Satellite), Stellat, Pramindo Ikat and TDF.

 

  n   For the financial year 2003:

 

  - disposals of subsidiaries and consolidated shareholdings: Casema, Eutelsat, Wind, CTE Salvador and Nortel/Telecom Argentina;

 

  - disposals of other shareholdings: Sprint PCS, Bull (bonds with option of conversion into new or existing shares), Immarsat.

 

  n   For the financial year 2004:

 

  - disposals of subsidiaries and consolidated shareholdings: IPO of PagesJaunes (France Telecom held 62% of the capital at December 31, 2004); disposal of the 100% interest in Orange A/S (Denmark); disposal of Equant’s 49% shareholding in Radianz; and reduction from 49% to 10% of the shareholding in the capital of BITCO (Thailand).

 

  - disposals of other shareholdings: disposal of a 27% interest in the capital of NOOS; disposal of 30 million shares in STMicroelectronics, representing 3.3% of the capital in that company.

 

In addition, France Telecom undertook, in November 2004, to sell all its equity interests in Tower Participations SAS, the parent company of TDF, representing a 36% indirect interest in TDF’s capital: this disposal was completed at the end of January 2005. In December 2004, France Telecom undertook to sell its subsidiary France Télécom Câble and its cable networks.

 

See Note 28 “Contractual obligations and off-balance sheet commitments” (commitments to acquire or sell share interests) and Note 31 “Subsequent events” in the Notes to the Consolidated Financial Statements.

 

EXCERPTS ON THIS PAGE:

20-F
May 22, 2006
20-F
May 17, 2005
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