FT Sells Vodafone-Panafon Stake

France Telecom agrees to sell its 58.9M shares in Vodafone-Panafon (10.85% of the company) to Vodafone for about €310M

November 27, 2002

1 Min Read

PARIS -- France Telecom published today a regulatory announcement to the attention of the Athens Stock Market related to its agreement with the Vodafone Group plc to sell its stake in Vodafone-Panafon. France Telecom S.A has agreed to sell to Vodafone International Holdings BV its 58,9 million shares in Vodafone-Panafon (10,85%), pursuant to and subject to one or more on-exchange transactions and, possibly, to one or more off-exchange transactions, being completed prior to 31 December, 2002.The transaction is concluded at an aggregate purchase price per share of 5.28 Euros (representing approximately gross proceeds of 310 million euros).In addition, France Telecom S.A. will acquire from Vodafone Group Plc. a cash settled option in order for France Telecom S.A. to cover its possible financial obligations under its 4.125% Exchangeable Notes due 29 November 2004, for a consideration of approximately 10 million euros.France Telecom SAVodafone Group plc

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