Stephane Richard (R), Chairman and Chief Executive Officer of France Telecom, and France Telecom's Executive Vice President Delphine Ernotte attend the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard, Chairman and Chief Executive Officer of France Telecom, attends the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard, Chairman and Chief Executive Officer of France Telecom, attends the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard (C), Chairman and Chief Executive Officer of France Telecom, France Telecom's Executive Vice President Delphine Ernotte (L) and France Telecom 's Chief Financial Officer Gervais Pellissier attend the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard (R), Chairman and Chief Executive Officer of France Telecom, and France Telecom's Executive Vice President Delphine Ernotte attend the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard, Chairman and Chief Executive Officer of France Telecom, speaks during the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

France Telecom's Executive Vice President Delphine Ernotte speaks during the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

France Telecom's Executive Vice President Delphine Ernotte speaks during the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard, Chairman and Chief Executive Officer of France Telecom, speaks during the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard, Chairman and Chief Executive Officer of France Telecom, speaks during the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard, Chairman and Chief Executive Officer of France Telecom, speaks during the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard, Chairman and Chief Executive Officer of France Telecom, speaks during the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard, Chairman and Chief Executive Officer of France Telecom, speaks during the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

Stephane Richard, Chairman and Chief Executive Officer of France Telecom, speaks during the company's 2010 annual results presentation in Paris February 24, 2011. France Telecom's commercial offensive in its all-important domestic market last year paid off in client recruitments but hurt margins, in a sign of how intensifying competition is challenging the operator. Europe's third-largest telecom operator by market capitalisation posted 2010 results largely in line with expectations on Thursday. REUTERS/Benoit Tessier (FRANCE - Tags: BUSINESS)

France Telecom CFO Gervais Pelissier attends the Reuters Technology summit in Paris May 20, 2009. REUTERS/John Schults (FRANCE BUSINESS HEADSHOT)

France Telecom CFO Gervais Pelissier attends the Reuters Technology summit in Paris May 20, 2009. REUTERS/John Schults (FRANCE BUSINESS HEADSHOT)

France Telecom CFO Gervais Pelissier attends the Reuters Technology summit in Paris May 20, 2009. REUTERS/John Schults (FRANCE BUSINESS HEADSHOT)

France Telecom CFO Gervais Pelissier attends the Reuters Technology summit in Paris May 20, 2009. REUTERS/John Schults (FRANCE BUSINESS HEADSHOT)

France Telecom's chairman Didier Lombard delivers his speech at the 2007 annual results news conference in Paris February 6, 2008. France Telecom raised cash flow expectations for 2008 as it published solid results for last year, helped by resilient sales growth in France and Britain and rigorous cost control. REUTERS/Benoit Tessier (FRANCE)

France Telecom's chairman Didier Lombard delivers his speech at the 2007 annual results news conference in Paris, February 6, 2008. France Telecom raised cash flow expectations for 2008 as it published solid results for last year, helped by resilient sales growth in France and Britain and rigorous cost control. REUTERS/Benoit Tessier (FRANCE)

France Telecom's chairman Didier Lombard delivers his speech at the 2007 annual results news conference in Paris February 6, 2008. France Telecom raised cash flow expectations for 2008 as it published solid results for last year, helped by resilient sales growth in France and Britain and rigorous cost control. REUTERS/Benoit Tessier (FRANCE)

France Telecom's chairman Didier Lombard delivers his speech at the 2007 annual results news conference in Paris February 6, 2008. France Telecom raised cash flow expectations for 2008 as it published solid results for last year, helped by resilient sales growth in France and Britain and rigorous cost control. REUTERS/Benoit Tessier (FRANCE)

France Telecom's chairman Didier Lombard delivers his speech at the 2007 annual results news conference in Paris, February 6, 2008. France Telecom raised cash flow expectations for 2008 as it published solid results for last year, helped by resilient sales growth in France and Britain and rigorous cost control. REUTERS/Benoit Tessier (FRANCE)

France Telecom's chairman Didier Lombard delivers his speech at the 2007 annual results news conference in Paris, February 6, 2008. France Telecom raised cash flow expectations for 2008 as it published solid results for last year, helped by resilient sales growth in France and Britain and rigorous cost control. REUTERS/Benoit Tessier (FRANCE)

France Telecom chairman Lombard and Amena chairman Salazar-Simpson gesture before news conference in Madrid. France Telecom's chairman Didier Lombard (L) and Amena's chairman Luis Alberto Salazar-Simpson gesture before a joint news conference in Madrid July 28, 2005. France Telecom will finance 3.4 billion euros ($4.1 billion) of the cost of buying Spanish cellphone operator Amena from existing credit lines, Finance Director Michael Combes told a news conference on Thursday. France Telecom snapped up an 80 percent stake in Amena, part of telecoms group Auna, on Wednesday, for 6.4 billion euros. REUTERS/Sergio Perez

France Telecom's chairman Didier Lombard (L) and Amena's chairman Luis Alberto Salazar-Simpson talk after a joint news conference in Madrid July 28, 2005. France Telecom will finance 3.4 billion euros ($4.1 billion) of the cost of buying Spanish cellphone operator Amena from existing credit lines, Finance Director Michael Combes told a news conference on Thursday. France Telecom snapped up an 80 percent stake in Amena, part of telecoms group Auna, on Wednesday, for 6.4 billion euros. REUTERS/Sergio Perez SP/TC

Thorsten Grenz, Chief Financial Officer of German telecoms operator MobilCom
AG, flashes a smile as he enters a conference room prior to a supervisory
board meeting in Hamburg June 21, 2002. Mobilcom holds a crucial meeting to
vote on estranged partner and majority shareholder France Telecoms rescue
plan for the firm. REUTERS/Christian Charisius REUTERS

CHA

CEO of German telecoms operator MobilCom AG Gerhard Schmid (R) talks to
supervisory board member Helmut Thoma during a short break of a secret
crisis meeting at Hamburg's Airport March 6, 2002. MobilComs boss Schmidt
has locked horns with France Telecom, which holds a 28.5 percent stage, over
a web of disputed business plans for next generation mobil phone networks
and complex share dealings of his wife. REUTERS/Christian Charisius

CHA/JOH/CLH/