France Télécom is putting potential bookrunners under intense competitive pressure to maximise the valuation of Pages Jaunes, its directories business, by running an auction for a role as bookrunner.

Nine houses have been shortlisted for the auction process after carrying out two weeks of pre-marketing: ABN Amro Rothschild, BNP Paribas, Calyon, CDC Ixis Lazard, Citigroup, Goldman Sachs, Lehman Brothers, Morgan Stanley and SG.