EDF boss favours more privatisation 03/07/2007 00:00

PARIS, July 3, 2007 (AFP) - The chief executive of state-controlled French electricity giant EDF said Tuesday that the sale by the government of a further stake in the group would be "good news."

"The state selling more shares would not be detrimental for the company at all. On the contrary," Pierre Gadonneix told a French radio station, Europe 1.

When asked if a sale would be good news, he replied: "Absolutely."

EDF is now the biggest quoted company on the Paris exchange following its flotation by the French government at the end of 2005.

It is still 87-percent state-owned, but there is speculation that the new French government, which has an ambitious programme of tax cuts to finance, might seek to offload a further stake in the group to raise capital.

At the end of June, the French state sold a 5.0-percent holding in France Telecom, raising 2.65 billion euros (3.6 billion dollars).

Copyright AFP

Subject: French news