France Telecom Shares Divested For £23 million

British Airways has completed the sale of its remaining shares in the telecommunications company France Telecom for £23 million.

The airline has sold 955,011 shares at a price of EUR 42.21 per share, which, at an exchange rate of EUR 0.62/GBP raised around £23 million after costs. The sale will result in a book profit of around £23 million, which will be included in the airline`s third quarter financial results.

Through holding certificates in the SITA Foundation, British Airways is the beneficial owner of shares in Equant, the telecommunications company. British Airways and other airlines acquired shares in France Telecom, as a result of France Telecom’s acquisition of Equant earlier this year.

In 1999, British Airways and other airlines disposed of shares in Equant through initial and secondary public offerings. British Airways sold 1,106,582 shares in the initial public offering and 884,507 shares in the secondary public offering. Following this sale, British Airways through its membership of the SITA Foundation, has liquidated its remaining shares in France Telecom.