Brussels, 06/06/2005 (Agence Europe) - On Sunday, the French economy minister announced the sale of at least 152 million bonds in France Télécom (or 6% of the capital), with the possibility of up to 198 millions shares (8% of the capital), depending on demand. This operation will net the French State between 3.5 and 4.5 billion EUR, on the basis of France Télécom share prices on 3 June (22.88 euros). After this flotation, which will be carried out in the form of a placement to institutional investors (BNP Paribas, ABN Amro, Goldman Sachs and Deutsche Bank), the State will hold just 33-35% of the capital of the telecommunications operator, but keeps its blocking minority. The lock up clause, which has been used since September 2004 for the 41% held directly or indirectly by the State in France Télécom capital, expired on 4 June. With this quick turnaround on the operation, the French State hoped to avoid speculation affecting France Télécom share prices (investors anticipating a flotation tend to sell their own shares in order to be able to buy others later at a better price, when they come onto the market).