French FSI fund to take France Telecom writedown-sources
PARIS, March 7
PARIS, March 7 (Reuters) - France's FSI strategic investment fund plans to take a 2.5 billion euro ($3.25 billion) writedown on its 13.67 percent holding in France Telecom to reflect the drop in the share price, sources familiar with the matter said.
The FSI, which is 51 percent owned by state bank Caisse des Depots, still values its holding in France Telecom at 16 euros a share, although the stock is currently trading around 7.6 euros.
The fund will have to adjust the value to around 9 euros in its accounts, the sources said.
"The Caisse des Depots will record 2.5 billion of overvaluation on France Telecom in its 2012 accounts," one of the sources told Reuters. ($1 = 0.7692 euros) (Reporting by Matthieu Protard; Editing by Christian Plumb)