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STOCKS NEWS EUROPE-Iliad sags as French telco price war heats up

Reuters - UK Focus

Shares in French mobile telecom operator Iliad (Paris: FR0004035913 - news) sink 8.4 percent as a war between telecoms operators in France heats up, with rival Bouygues Telecom unveiling a cut-price bundle offer on Wednesday.

Bouygues Telecom's offer includes television, Internet and unlimited calls to landlines for 19.99 euros a month, hitting back at Iliad, which sparked a price war in 2012 by launching a low-cost mobile service.

"Iliad stock was due for a correction, fund managers have been a bit complacent, as if the company could continue to nibble at rivals' market shares without any counter-offensive on their part," a Paris-based trader says.

Shares in other French telecom groups, Orange (Other OTC: FNCTF - news) and SFR parent Vivendi (TLO: VIV.TI - news) also drop, losing 2.8 percent and 1.1 percent respectively.

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Shares in Bouygues (Other OTC: BOUYF - news) , which strongly rallied at the open after the group posted positive results, trims gains in late morning trade, up 1 percent.

Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net