French state cuts Orange stake, remains largest shareholder

French state investment bank Bpifrance sold a 2.5% stake in telecoms group Orange for 1.1 billion euros ($1.3 billion) on Friday, while retaining its position alongside the French ‌state as ⁠the telecoms ⁠operator’s largest shareholder.

The bank said it was acting jointly with the state, which owns a separate stake through public shareholding agency APE.

Bpifrance confirmed the two will hold a combined 20.4% stake in the telecoms operator after the deal, remaining the ⁠largest shareholder.