Orange to float later this month

Investors will be able to buy a segment of Orange later this month, when the mobile operator's French owner floats up to 15 per cent of the company.

Orange, which was acquired by France Telecom last August, will offer up to 15 per cent of its shares when it floats on the Paris and London stock exchanges at the end of January.

France Telecom is also planning to issue a bond which will be transferable into Orange ordinary shares at a premium to the share offer price. The proceeds from the flotation will be used by France Telecom to refinance its acquisition of Orange from Vodafone.

Michel Bon, chairman of France Telecom, said: "The creation of the enlarged Orange and its planned listing as an autonomous quoted public company are two of the most significant moves France Telecom has made."

Orange, which operates in 19 countries across Europe covering 480 million people, said it will make its shares widely available to investors in France, Italy, Germany and the UK (including the Channel Islands and the Isle of Man).

The operator, which started marketing the flotation in the UK and Germany today, said information on acquiring its shares will be available through a share information office on 0800 085 8888, via its internet site www.orangeshareoffer.com or through 1700 HSBC bank branches.