Airport operator ADP lays groundwork for IPO

24th April 2006, Comments 0 comments

PARIS, April 24, 2006 (AFP) - The French state-owned airport operator Aéroports de Paris said Monday that it had filed initial documents with the market regulator AMF to prepare for an initial public offer (IPO) "if the government decides to and if market conditions allow it".

PARIS, April 24, 2006 (AFP) - The French state-owned airport operator Aéroports de Paris said Monday that it had filed initial documents with the market regulator AMF to prepare for an initial public offer (IPO) "if the government decides to and if market conditions allow it".

On Friday, the finance ministry said it would proceed with an initial public offering of ADP shares in the coming months, a deal that would be accompanied by a share capital increase raising about 500-600 million euros for the company's investment program.

Pricing terms have not yet been set for the IPO, which would also include the sale of part of the state's stake. The government has not yet indicated the stake it would hold in ADP upon completion of the deal.

Also over the weekend, a source close the matter told AFP that up to EUR 1-1.5 billion would be raised by the public offering, of which 500-750 million would go to the French state.

ADP operates the vast Charles de Gaulle airport north of Paris, and the Orly airport south of the capital as well as a dozen smaller airports in the region.

According to the finance ministry, a listing of ADP shares "could take place by the (northern hemisphere's) summer if the conditions are right".

ADP said it planned investments of EUR 2.7 billion by 2010 "which would allow for an increase in passenger capacity of 19.4 million people by that time".

In 2005, the airport operator registered 78.7 million passengers, an increase of 4.4 percent from the previous year.

Its operating profit shot up by 13.8 percent to EUR 331.2 million on sales which rose by 5.7 percent to EUR 1.9 billion.

Copyright AFP

Subject: French news

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