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France Telecom’s Richard Eyes Algeria Deal as Iraq, Cambodia Talks Advance
January 5, 2011
France Telecom SA’s talks on acquisitions in Iraq and Cambodia are progressing, and the company may enter Algeria as it expands further into emerging markets, Chief Executive Officer Stephane Richard said.
Talks on a possible deal for a stake in Cambodia’s Mobitel are “less advanced” than those on buying part of Iraq’s Korek Telecom, Richard told reporters in Paris today.
The CEO, who took over last March, is looking to orient France Telecom toward fast-growing countries in Africa, the Middle East and Southeast Asia to offset stagnant revenue at home. He has pledged to spend as much as 7 billion euros ($9.2 billion) on emerging-market deals by 2015 as part of a plan to double revenue from those countries.
France’s largest phone company is monitoring developments in Algeria, where it could seek a presence either through existing operator Djezzy or other means, Richard said.
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