Jun 19, 2017

Orange to sell down stake in BT

Orange is selling down its stake in BT, a move that will reduce its exposure to the UK telecoms group whose shares have dropped by almost a quarter this year. The sale represents another blow to BT's reputation, with Orange opting to sell down its stake as the group's shares are at their lowest level since 2013. Orange holds a 4 per cent stake in BT after the sale in 2016 of EE, the mobile operator that was co-owned by the French group. Orange said on Monday that it would sell a third of its stake through a private placement of up to £200m in the placement with a 66.5m share order. The French group will also issue roughly £520m in convertible bonds due in 2021 that will be exchangeable into BT shares, representing another third of Orange's stake.

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