KPN to sell off holdings

The Dutch telecommunications company, KPN, says it wants to raise five billion euros through selling off its shares in ten telecom firms.

They say the move is intended to boost KPN's credit rating.

The company's president, Paul Smith, said the assets going on sale included shares in the Irish mobile firm Eircom, Hungarian mobile operator Pannon GSM, and Cesky Telecom in the Czech Republic.

Correspondents say investors are concerned about the huge level of debt built up by KPN while acquiring third-generation 3G mobile phone licences in the Netherlands, Germany and Belgium.

From the newsroom of the BBC World Service