On Wednesday 31st August France Telecom announced a €3bn ($3.7bn) share issue to help fund its acquisition of Amena, the Spanish mobile telephone operator.
The capital increase is the biggest rights issue in Europe so far this year and will further dilute the French state’s 34.9 per cent stake in France Telecom. In July France Telecom agreed to buy an 80 per cent stake in Amena for €6.4bn to strengthen its position in the Spanish marketplace.