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Wanadoo is floated with 10.5% premium
AGENCE FRANCE PRESSE
Paris, July 19: The price of shares in Wanadoo, the Internet subsidiary of France Telecom, rose by 10.5 per cent to 21 euros when trading in the stock began here on Wednesday. About 10 per cent of the company was floated at 19 euros, valuing the business at 19 billion euros (17.67 billion dollars) and market sources said that in unofficial trading before the flotation began, the price had risen to 28 euros, settling later before the official quotation at 22.50 euros. These sources said that they expected the price to rise from the issue price of 19 euros and then to settle at 22-23 euros. Wanadoo is the leading French Internet service provider, holding 39 per cent of the market with 1.3 million members. The company's director general, Nicolas Dufourcq, said that the flotation would "reinforce our position in countries where Wanadoo is already operating, and, later, in other countries. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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