France Telecom strives for 3G funds with asset sale

France Telecom has announced it will sell its 11 per cent stake in chip manufacturer STMElectronics as it continues its search for funds for its UMTS licence bid.

Jean Louis Vinciguerra, financial director at France Telecom, said the telco is looking for a French buyer with strategic value for the Franco-Italian chip maker. He said: "We do not intend to give the company to just anyone." STMElectronics stock price fell two per cent on the news to E48.43 (£30.79).