The timing of the French government’s decision last week to float a 20% minority stake in France Telecom (something the company itself has been preparing for months) has tested the patience of some senior city types responsible for the rival Telecom Italia flotation. The lightning decision by the French government to list France Telecom on the Paris and New York stock exchanges by October 20, means it will sneak in just ahead of the long planned Telecom Italia float, causing saturation in the markets. Telecom Italia’s advisors BZW are said to be furious at the news. The clash of offers may result in confusion amongst institutional investors, as the folk from BZW meet France Telecom’s advisors, Banque Paribas, in lifts all over the city.
