French State Bank Reduces Stake in Orange

French state investment bank Bpifrance sold a 2.5% stake in Orange for approximately €1.1 billion. The bank, however, maintained its position as the operator’s largest shareholder.

The investment bank disclosed it successfully placed 66.5 million shares for €16.57 each, a move made in conjunction with the state. Following the transaction, it holds approximately 7.1% of the share capital and 5.9% of the voting rights.

Acting jointly as the group’s shareholder with the French state, the duo hold a stake of approximately 20.4% and 27% of voting rights. Board representation remains unchanged. “Bpifrance reiterates its support and confidence in the Orange management team and in the strategy pursued within the framework of its Trust the Future plan,” the investment bank added.