FT communication breakdown

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Investors have been left scratching their heads over where exactly things stand with the heavily indebted France Télécom. At the start of September a rights issue in the €10 billion range backed by its largest shareholder the French state, with a 56% stake, looked like a sure thing.

No one doubted that even a €10 billion rights issue would still leave a hill to climb. At the time Banc of America Securities’ head of European credit research Peter Plaut wrote in a research note: “A rights

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