France seen raising 2.8bn euros in 4G auction

PARIS: The French state is set to raise 2.8 billion euros ($2.98 billion) in an auction of French 4G mobile phone spectrum that is closing on Tuesday, sources told Reuters.

Telecoms regulator ARCEP declined to comment, saying it would communicate on the final outcome of the auction after the market close.

ARCEP had said on Monday that bidding had reached 2.7 billion euros in the auction, with an eighth round scheduled on Tuesday.

Telecoms operators Orange, Numericable-SFR , Iliad and Bouygues are vying for six blocks of 700 MHz spectrum in the auction, which had set a minimum total price of 2.5 billion euros.