Bae Sells 16.11% In Orange

British Aerospace Plc yesterday said it has sold a 16.11 per cent stake in Orange Plc for 763.8 million pounds ($1.3 billion), leaving it with a 5 per cent holding in the mobile phone group. BAe would make an exceptional profit before tax of 368 million pounds from the sale. It has been expected to sell its Orange stake since it and co-shareholder Hong Kong conglomerate Hutchison Whampoa Ltd, which holds 49 per cent of Orange, were last year freed to reduce their combined stakes to 50 per cent under Oranges new bank facility agreements. (Reuters)