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LONDON : Yields on bonds of France Telecom fell on Tuesday after the firm said it had struck a deal with German affiliate MobilCom allowing the latter's CEO to step aside, ending a bitter dispute between the partners.
France Telecom said MobilCom founder Gerhard Schmid and his associates would sell their shares to banks, allowing the French operator to tighten its grip on the German mobile firm without immediately taking on new debt.
France Telecom's 6.75 percent euro bond due March 2008 was bid at a yield of 188 basis points more than benchmark government bonds at four basis points tighter on the day in what dealers said was sluggish pre-Easter trading. …