Wanadoo, the internet arm of France Telecom, is set to start selling shares that could eventually give the company a value of €20bn (£12.5bn).

The French phone giant plans to sell 97m shares to be priced at €17 to €20 from tomorrow (Friday). The banks heading the offering are understood to be Crédit Agricole Indosuez, Morgan Stanley Dean Witter and BNP Paribas.