British mobile phone company Vodafone says it is to sell 113.85 million France Telecom shares it holds back to the French carrier.
The transaction will deliver total proceeds to Vodafone of at least euro 13.84 billion, of which euro 8.87 billion euro will be received by March 31st.
Vodafone says it will use the cash to reduce existing group debt.
Vodafone's holding in France Telecom represents 9.87 per cent of the company.
Vodaphone is awaiting sharholder approval to confirm its purchase of Eircell. PA
