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Europe Daily Bulletin No. 8733

24 June 2004
Contents Publication in full By article 40 / 50
ECONOMIC INTERPENETRATION / (eu) telecommunications

In France, the introduction on the stock exchange of 30-43% of the capital of the PAGES JAUNES business (turnover EUR 917 million in 2003) will take place on 8 July this year. The price range is from 12.9 to 14.9 euros per share, which gives the FRANCE TELECOM subsidiary a value of between EUR 3.6 and 4.2 billion. FRANCE TELECOM will remain the majority shareholder of this subsidiary. The PAGES JAUNES holds 93% of the French directory market estimated at EUR 850 million in 2003.

Contents

A LOOK BEHIND THE NEWS
THE DAY IN POLITICS
GENERAL NEWS
ECONOMIC INTERPENETRATION