Money matters bulletin

Regional stock market indices Regional currency rates France Telecom, Agility to acquire stake in Iraq’s Korek France Telecom agreed with Kuwaiti logistics group Agility to acquire a 44 percent stake in Iraqi mobile operator Korek Telecom, as part of the French group’s strategy to expand its presence in emerging markets. The two groups will form a joint venture with Agility to take 54 percent of the stake. France Telecom will pay $245 million for a 20 percent indirect stake in Korek and will extend a $185 million loan to the company. Moreover, it will have an option to increase its indirect stake in Korek to 27 percent in 2014. Agility will contribute its existing convertible debt and inject $50 million in exchange for a 24 percent indirect stake in Korek Telecom. The company will also provide a $100 million four-year shareholder loan to the Iraqi operator to decrease its debt,