Untangling the Wires at France Télécom
Thierry Breton, the new head of France Télécom, faces one of the toughest turnaround challenges in the corporate world. The former state-owned phone monopoly was once the bluest of blue chips. That all changed in the late '90s when former CEO Michel Bon embarked on a four-year, $80 billion spending spree, snapping up acquisitions in Europe and the U.S. while forking out billions of dollars for next-generation mobile-phone licenses.
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