France Telecom Targets Africa for Aquisitions

France Telecom is turning away from acquisitions in Europe and plans to refocus on opportunities in Africa - mainly in Anglophone countries, according to its chief executive Didier Lombard. According to an interview with the Financial Times, he said that the company would not repeat its aborted $41bn takeover attempt for TeliaSonera and would focus on small to medium deals in emerging markets.

Mr Lombard also sounded positive about the French economy and did not expect any significant impact on France Telecom's earnings this year.

The company made its first interim dividend payment to shareholders this year, and expects to increase shareholder returns in the future.

The company already has operations in Africa - mainly through its Orange brand name - in Botswana, Cameroon, Egypt (mobinil), Cote D'Ivory, Kenya, Madagascar, Mali, Mauritius, Rĩunion and Senegal

Mr Lombard ruled out acquiring a large pan-African mobile operator, such as MTN or Orascom of Egypt, "because the value is already in the price".

On the web: Financial Times

Posted to the site on 16th September 2008