registration document France Telecom 2009 - Orange.com

5 INVESTMENTS
information about the issuer
At end- December 2002, France Telecom launched a broad
plan focused on refi nancing its debt and strengthening its
balance sheet , as well as an operational improvement program,
the success of which has enabled the Group to develop its
integrated global operator strategy by anticipating changes in
the telecommunications industry.
Since the end of 2003 this strategy has been refl ected by
the acquisition of the minority interests in Orange, Wanadoo,
and Equant, the establishment of a new Group organization
consistent with that strategy, and the frequent launch of new
offers.
In 2006, “Orange” became the Group’s single brand for Internet,
television and mobile services in most of the countries in which
the Group operates, with “Orange Business Services” becoming
the brand for services offered to businesses worldwide.
In 2005, France Telecom acquired 80% of the capital in
Spanish mobile operator Amena, whose activities were then
consolidated with France Telecom’s fi xed and Internet activities
in Spain, in a single entity operating under the Orange brand. In
2008 and 2009, France Telecom acquired nearly all of France
Telecom España’s remaining capital stock.
At the same time, France Telecom streamlined its asset portfolio,
disposing of non-strategic subsidiaries and investments such
as Casema, Eutelsat, Wind, CTE (Salvador), Telecom Argentina,
Noos, Bitco (Thailand), Orange Denmark, ST Microelectronics,
TDF, and Intelsat, as well as mobile and Internet activities in the
Netherlands.
In addition, PagesJaunes Group, the Group’s directories
subsidiary, was fl oated on the stock market (Euronext Paris) in
2004, and France Telecom’s interest was sold off in 2006.
Since 2007, France Telecom has been pursuing a strategy of
selective acquisition, primarily targeting emerging markets,
particularly in Africa and the Middle East, and taking also
advantage of consolidation opportunities in the markets in
which the Group already does business. In 2009, this strategy
resulted in the signature of agreements to create a joint venture
with Deutsche Telekom T-Mobile in the United Kingdom and to
merge with TDC Sunrise in Switzerland.
For more information on France Telecom’s strategy, see
Section 6.2 France Telecom Group’s Strategy.
5.2 INVESTMENTS
See Section 9.1.2.4 Group capital expenditures.
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2009 REGISTRATION DOCUMENT / FRANCE TELECOM