Belgacom to sell €3.91bn in stock

SHAREHOLDERS in Belgacom, Belgium's main fixed-line telecom company, will sell up to €3.91 billion in stock in Europe's biggest initial public offering in three years, the Brussels-based company said yesterday.

The sale values the State-controlled phone company at almost €9.35bn, three times as much as Ireland's Eircom, which will return to the Irish stock exchange later this month.

The initial offering is Europe's biggest since France Telecom sold a €6.3bn stake in mobile phone company Orange in February 2001. Investment banking heavyweights Goldman Sachs, Lehman Brothers, Morgan Stanley and UBS are managing the process.