NEW YORK (TheStreet
) -- Shares of Orange SA
are falling, -3.10% to $16.49 after it was reported that merger talks between the French telecom operator and Bouygues SA
have failed.Bouygues SA,
France's third-largest mobile phone company, held separate merger talks with Iliad SA
, which also broke down.
Bouygues now plans to eliminate
1,516 employees at its phone unit by in an effort to save $406 million.
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