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France Telecom cashes in on Sprint and STM

France Telecom chairman Michel Bon has confirmed his company will sell its assets in Franco-Italian chipmaker STMicroelectronics and US-based Sprint as it continues efforts to pay mounting debts.

By Suzanna Kerridge

Published: 10 January 2001 17:33 GMT

Speaking in the US, Bon said the company's 11 per cent STM stake and 10 per cent share of long-distance carrier Sprint were up for sale. However, he denied the company would relinquish its 25 per cent share of British cable company NTL.

Bon said that France Telecom was looking to "create synergies" with NTL over the coming months.

Recent reports regarding the French telco's mobile operator Orange's interest in Singapore-based MobileOne (M1) were also strenuously rejected. Bon said reports in the Singapore media were "unfounded", claiming he was never in discussions with Cable & Wireless to buy its 15 per cent stake in M1.

France Telecom is currently selling off assets in a bid to offset heavy debts. Last month it raised E3.1bn (£1.95bn) by selling its 1.8 per cent stake in Deutsche Telekom to German company Kreditanstadlt fur Weideraubau.

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