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France Telecom Not Planning to Change Belgian Subsidiary Shareholding
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France Telecom has dismissed reports that it may sell its Belgian subsidiary and is also not interested in buying out the other shareholders either.
The French company owns a controlling 52.9% stake in Mobistar, which has struggled in recent years due to being a mobile only company in a market increasingly dominated by companies able to offer landline and mobile services.
France Telecom's Chief Executive Stephane Richard told local newspapers that while the company has no plans to sell its stake, he is also glad that it didn't increase the holding in the company earlier this year.
The French market has been hit by a price war following the launch of the country's fourth mobile network, and all three incumbents are seeking to cut costs as revenues and profits have dropped.
"France Telecom has been in the Belgian market for 17 years, we have no plans to leave," Richard added.
Earlier this year, KPN cancelled plans to sell its Belgian subsidiary, Base following disappointing offers for the company.
Tags: [france telecom] [mobistar] [Belgium]
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