Orange thinks BT is a bad bet

French operator group Orange has decided to further reduce its stake in BT despite the shares being worth considerably less than when it acquired them.
Orange is flogging 133 million shares in BT – around a third of its stake in the company – with BT itself snapping up around half of them. Orange is also using another third of its BT shares as collateral on a £520 million bond issue and will offer those shares in place of cash upon the bonds’ maturity in four years, which