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Vietnam: France Telecom seeks MobiFone shares(Thai Press Reports Via Thomson Dialog NewsEdge) Section: Regional News - France Telecom recently announced its intention to buy up shares of MobiFone, Vietnam's second largest mobile carrier, once the latter goes public. In an interview with local press last week, France Telecom CEO Didier Lombard said the company hopes to be MobiFone's leading strategic partner. "We hope to buy the largest possible number of shares immediately after MobiFone is equitised," Lombard said. On his second visit to Vietnam on the occasion of the VietnamComm 2007 exhibition that ended last week, Lombard said the Vietnam market had strong growth potential and France Telecom would seek to boost its presence in what could be the most lucrative market in the region. France Telecom, in which the French government holds a 32.45-per-cent stake, is the second largest mobile carrier in Europe, following Vodafone. The Paris-based firm, which owns the Orange trademark, boasts 88 million mobile subscribers, 48 million fixed-line phone subscribers and 11 internet subscribers around the world. According to VNPT, MobiFone's parent company, six international financial firms, including Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Rothschild and UBS have been invited to take part in bidding to advise MobiFone through its equitisation, which will include listing shares some time next year. An initial public offering has been slated to take place early next year with VNPT maintaining a one-third stake in the company. Strategic investors would hold another third with the remaining shares sold to the public. Vodafone, BT, Singtel and Telenor have also voiced interest in claiming MobiFone shares and forming a strategic partnership with the Vietnamese mobile service provider. MobiFone currently has about 8.5 million subscribers, representing just under 35 per cent of the market. Its main rivals are the military-run Viettel, currently the market leader, and State-run Vinaphone, which is also controlled by VNPT. - VNS Copyright 2007 Thai News Service, Source: The Financial Times Limited |