Belgian operator BELGACOM (turnover EUR 5.45 billion in 2003) is to make an initial public offering on 22 March, Europe's largest for three years. The sales offer will be in two slices, one reserved for Belgian or foreign institutional investors, and the other for Belgian individual investors. Subscription applications may be submitted between 8 and 19 March. The ADSB consortium, which groups the current minority shareholders of BELGACOM (namely American SBC, Danish TDC, SINGTEL of...