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October 15, 1997updated 01 Sep 2016 5:37pm

NTT “IS INVESTING IN CEGETEL” SAYS BT

By CBR Staff Writer

Cegetel SA, the telecommunications unit of Compagnie Generale des Eaux SA, looks like it will be getting that promised investment from Nippon Telegraph and Telephone Corp, despite the repeated denials from NTT (CI No 3,085, 3,146). Larry Stone, senior vice president of British Telecommunications Plc in Japan, told reporters yesterday that It’s no secret that NTT is investing in Cegetel. Existing shareholders are said to be prepared to sell 1% each. Generale des Eaux currently holds a 44% stake, British Telecommunications Plc a 26% stake, SBC Communications Inc has an indirect 15% and Mannesmann AG a direct 15%. Cegetel is currently the exclusive distributor for British Telecom and MCI Communications Corp’s Concert services in France, and one of France Telecom’s major rivals. NTT recently announced a $100m investment in US wireless telecoms venture Telegent Inc (CI No 3,252).

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