FRANCE's privatisation of France Télécom has been a runaway success, with the institutional offering to domestic and international investors closing earlier this week some 20 times oversubscribed, and the retail offer attracting 3m private shareholders by last night. Institutional investors submitted orders for more than Ffr400bn ($67bn) in shares, while the size of the retail offering -- which closes on Tuesday (October 14) -- has already been increased to accommodate the rampant demand.
October 10, 1997