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News > International
Wanadoo makes more stock
July 20, 2000: 10:44 a.m. ET

France Telecom's ISP to create $2.1B in new shares
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LONDON (CNNfn) - Shares of French Internet access provider Wanadoo jumped 4.7 percent in its second day of trading Thursday, after announcing plans to issue 108 million new shares worth 2.3 billion ($2.1 billion) to buy out minority shareholders in its online activities in Spain, Denmark and the Netherlands.

The new stock represents about 10 percent of Wanadoo's current outstanding shares. Wanadoo raised about 1.9 billion in its initial public offering Wednesday.

A day after rising 10.5 percent following its IPO, Wanadoo climbed 0.99 to 21 a share.

Wanadoo plans to buy the units in the three countries from its parent, France Telecom.  Wanadoo is already present in Belgium and Morocco.

In Spain, France Telecom owns 69 percent of Lince Telecomunicaciones, which operates under the name of Uni2.

In Denmark, the French company has a 54 percent stake in Mobilix and in the Netherlands it has an 80 percent holding in Dutchtone.

There are currently 1.097 billion Wanadoo shares outstanding following its IPO Wednesday. Based on Thursday's prices, Wanadoo's market value was about 24.7 billion euros. Back to top

-- from staff and wire reports

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