Shares in Sprint, the US long-distance telecommunications firm, opened lower in New York after France Télécom and Deutsche Telekom both announced plans to sell off the majority of their stakes via a public share sale.

The shares, which have fallen more than 65% in the past year, opened at $20.7 (€22.8) in the US on Wednesday morning, before falling to $20.6. Based on its $20.85 trading price following the first hour of trading, Sprint has a market capitalisation of more than $18.4bn.