France Telecom Group has decided to take the plunge and buy shares in Sema Group Plc to cement an industrial and commercial co-operation deal. Compagnie Financiere de Paribas is to transfer its 39% shareholding in Sema Group into a new holding company, 50.1% owned by Paribas and 49.9% owned by FT LIS, a subsidiary of France Telecom. Under the terms of the agreement, neither partner can sell its respective interests in the new company for five years without the consent of the other party. The new company cannot acquire or dispose of shares without the consent of its parent companies. In addition, Schneider SA, which holds 10.5% of Sema’s shares, cannot sell or dispose of these shares without the agreement of Sema’s board. However, Schneider can insist that the new company acquires up to a 1.99% stake from Schneider every year for the next six years until it has bought the lot. Sema and France Telecom are to co-operate in the fields of telecommunications software and facilities management. Sema will transfer part of its French telecommunications and UK facilities management businesses into separate joint ventures, while France Telecom will provide them with an as yet undetermined cash sum. Other areas for co-operation still are being explored. France Telecom managing director Charles Rozmaryn, and director general of FT LIS, Michel Huet are to join the Sema board.
