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Orange slashes its shareholding in the UK’s BT

Orange has cut and run from its shareholding in UK telco BT, after a year of a nosediving share price, caused by Brexit, job cuts and an Italian accounting scandal. Today BT is worth just £28bn and its share price is at £281. When the deal for BT to buy the largest UK mobile operator, EE, BT’s share price was £433. Under that deal, EE’s co-owners, Orange and Deutsche Telekom, received cash and shares. In Orange’s case, it gained £3.4bn in cash and a 4% stake in the combined BT/EE entity. The deal is a complicated one, selling a third of Orange’s shares to BT and another third against a new bond. BT will shell out some £200m and another…

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