Amid concerns over the state of the mobile phone industry, France Telecom has cut the flotation value of network operator Orange by around 10bn euros (£6.4bn).
The range for the initial public offering, scheduled for 16 February, has been lowered to between 45.6bn euros and 52.8bn euros, from an earlier estimate of between 55.2bn euros and 64.8bn euros.
The mobile phone sector has been hit by recent fears that the boom in handset sales may be slowing down, and that too much money may have been spent on third-generation (3G) licences.
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