RNS Number:0030X
Morgan Stanley Securities Ld(EMM)
10 January 2001


                                                       FORM 38.5 (SUMMARY)

Lodge with Company Announcements Office and the Panel.  Use a separate form
for each class of securities in which dealings have been made.


                       CONNECTED EXEMPT MARKET-MAKERS:
    DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS


Name of EMM: Morgan Stanley & Co International Limited........................

Date of disclosure: 10 January 2001..........................................

Contact name: Rebecca Dale.................................................

Telephone number : 0207 677 3181..............................................


Please see attached disclosure of dealings under Rule 38.5 in the securities
of the following companies:

1. Wanadoo SA.................................................................

AMENDMENT


If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous disclosure was incorrect:



In the case of option business or dealings in derivatives full details should
be given on a separate sheet so that the nature of the dealings can be fully
understood.  For options this should include the number of securities under
option, the exercise period (or in the case of exercise, the exercise date),
the exercise price and any option money paid or received.  For derivatives
this should include, at least, the number of reference securities to which
they relate (when relevant), the maturity date (or if applicable the closing
out date) and the reference price.

For full details of disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Monitoring Section of the Panel,
Tel. No: 0207 638 0129


                                                               FORM 38.5

  

Dealing in: Wanadoo SA.......................................(name of company)

Class of security: Ordinary Shares............................................

Date of disclosure:  10 January 2001........................................
 
Date of dealing:   09 January 2001...........................................

Name of EMM: Morgan Stanley & Co. International Limited.......................

Name of offeree/offeror with whom connected: Wanadoo SA.......................



Total number of securities purchased    5,460.................................

Highest price paid*                     7.78 EUR..............................

Lowest price paid*                      7.78 EUR..............................


Total number of securities sold         5,460.................................

Highest price received*                 7.78 EUR..............................

Lowest price received*                  7.78 EUR..............................