France's Sarkozy admits election defeat to Hollande

French President Nicolas Sarkozy conceded defeat to Socialist Francois Hollande in Sunday's presidential election runoff within half an hour of the last polling stations closing. Sarkozy told his supporters that he took responsibility for his defeat, saying: "It's the number one who takes responsibility."

"I have just spoken to him on the telephone to wish him good luck," Sarkozy said, as polling institutes projected Hollande would win the election with between 51.8 to 52 percent of the vote, based on initial counts of ballots cast. (Reuters)