Orange, France's biggest telecom firm, on Thursday announced a 3.70 billion-euro impairment on the value of its Spanish activities reflecting competition that has hurt sales and profits in its second-largest market.
The group was forced to join a race to low-cost offers in Spain where six telecoms operators compete.The potential acquisition of Euskaltel by Spanish operator Masmovil could alleviate some pressure on prices but it still has to go through.
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