France will be making a sound investment by taking a stake in Alstom, its chief executive said yesterday, adding, however, that the government would be buying in too late to have a say in the use of proceeds from its tie-up with General Electric.

The French owner of 25% of water and sewerage group Southern Water has set about seeking a buyer for its stake, it was reported today.

French antitrust authorities slapped record fines on the country’s three mobile operators today after a four-year investigation found that Orange, SFR and Bouygues illegally shared sales data and conspired to undermine competition.

French President Jacques Chirac will today launch an intensive week of meetings with Asian leaders aimed at promoting French companies and cementing Europe-Asia ties.