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France wants to see Orange buy Alcatel cable assets - report

Thursday 20 December 2012 | 08:10 CET | News
The French government is proposing that France Telecom-Orange acquire Alcatel-Lucent's cable assets, people familiar with the matter told Les Echos. The plan would allow the over 27 percent state-owned operator's subsidiary France Telecom Marine to secure at least part of the strategic undersea infrastructure and gain control over cables entering France. Under the proposal, France Telecom's cable-laying division could purchase Alcatel's ships. The transaction would raise between EUR 100 million and EUR 150 million, not enough to solve the financial issues of Alcatel-Lucent, which is burning EUR 700 million of cash a year. Les Echos also reports that France's sovereign wealth fund may buy a stake in Alcatel-Lucent's cable manufacturing subsidiary. When Alcatel-Lucent announced a EUR 1.6 billion credit line from Goldman Sachs and Credit Suisse, it pledged to raise EUR 1 billion to EUR 1.5 billion from non-core asset sales. The French state owns 3.6 percent of Alcatel-Lucent.

Categories: Fixed
Companies: Alcatel-Lucent / France Telecom / France Telecom Marine / Orange
Countries: France / World
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