Scores of North-East workers are on the verge of banking their second major windfall in four years after France Telecom confirmed it wanted to take complete ownership of Orange.

The French company, which already has an 86.3 per cent stake in Orange, is offering above the market price in a share exchange which will give it control of the firm.

Orange employs 5,500 staff in Darlington, Peterlee and North Tyneside, a number of whom participate in the company shares scheme.

They stand to net thousands of pounds if they take up France Telecom's offer of 11 of its own shares in exchange for 25 Orange shares.

That is the equivalent of a 21 to 23 per cent premium on Orange's price at the close on Friday.

It is the second time staff have benefited from a change of ownership, following enormous payouts when Vodafone took control of Orange's then parent company Mannesmann in 1999.

It was understood at the time that some share-rich employees took home six-figure sums as a result of the deal.

Employees have until October 7 to decide if they will sell share options.

If France Telecom obtains 95 per cent of Orange, it will be able to force through the sale of the remaining five per cent.

Sol Trujillo, Orange chief executive, said in a note to staff obtained by The Northern Echo that the deal would have "no real impact" on the company's daily running.

He said: "The key message I would like to emphasise to all of you is that it is business as usual for Orange.

"Orange is a core element of France Telecom's strategy, and our collective vision is to build a world-class, integrated communication group. We are also the major contributor to the FT group in terms of cash, and a highly valuable asset in terms of our brand, our people, our values and our culture."

France Telecom's announcement sent Orange's share price soaring by 90p.

That was buoyed by Orange telling the City yesterday that income before tax, goodwill and other items rose to £1.18bn in the first half to June 30.

It said it now expected full year earnings before depreciation and amortisation to be at least £3.27bn, up from its previous target of £2.99bn.