PARIS--The French government will sell a 1.9% stake in former French telecom monopoly Orange SA (ORA.FR) through state-owned investment bank BPI, Les Echos newspaper said.

The stake is worth EUR595 million ($753 million) at the market price, the newspaper said.

No officials at BPI were immediately available for comment.

German brokers said BPI is offering the stake through a private placement at a price that values the stake at EUR600 million.

Newspaper Web site: http://www.lesechos.fr

Write to Inti Landauro at inti.landauro@wsj.com

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