This week, for the second time in little more than six months, Hans Snook, chief executive of Orange, a British mobile-phone operator, found himself sharing a stage at a London hotel with the new owners of his company. On the first occasion, Mr Snook, despite having pocketed £45m ($67m) in vested options, wore a black suit and a grim face. This time, as he and France Telecom's boss, Michel Bon, went through the ritual of mutual backslapping and embarrassing photocalls, Mr Snook oozed self-satisfaction. Not surprisingly.
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