France sells 2.5% stake in Orange for €1.1 billion

The French state, via its shareholding agency APE and the state investment bank Bpifrance, announced the sale of about 66.5 million Orange shares – roughly 2.5% of the telecom operator – in a secondary offering. The transaction is expected to raise around €1.1 billion and will reduce the combined state ownership from roughly 23% to about 20.4% of the capital, while voting rights remain near the 30% threshold.

Despite the reduced shareholding, the government will retain significant influence: its representation on Orange’s board will stay unchanged and Bpifrance plans to keep the remaining shares for at least 90 days after settlement. The sale is part of an active portfolio‑management strategy and does not alter public control over the company.