France Telecom may bid for 12% of Orange: report

France Telecom may announce plans to acquire the outstanding 12% of its Orange mobile unit it does not already own, probably by offering France Telecom shares in exchange, according to a report in French daily Les Echos, which does not cite sources.

The move would allow France Telecom to fully consolidate the unit's cash flow, and also more easily reduce costs, particularly in the UK, the report said.

France Telecom chairman Thierry Breton will lead a board meeting tomorrow to present a strategic plan aimed principally at reducing the operator's €70bn of debt.