France preps most succesful privatisation yet

15th June 2006, Comments 0 comments

PARIS, June 15, 2006 (AFP) - The French government should retain about 67.2 percent of Paris airports operator ADP after the company's public offering scheduled for Friday, the finance ministry said Thursday in a statement.

PARIS, June 15, 2006 (AFP) - The French government should retain about 67.2 percent of Paris airports operator ADP after the company's public offering scheduled for Friday, the finance ministry said Thursday in a statement.

The operation is expected to earn the state between EUR 591 and 800 million.

The price for Aéroports de Paris (ADP), which manages the Orly and Roissy airports near the French capital, will be EUR 45 for institutional investors and EUR 44 for retail buyers, the finance ministry said.

Finance Minister Thierry Breton said the operation had attracted EUR 2.9 billion in orders from private individuals, making it the most successful of the government's privatisations to date.

At the same time ADP is to undertake a capital increase on the order of EUR 600 million, through the issue of 14.6 million new shares, which it will use to help finance a 2.7-billion-euro investment program from 2006 to 2010.

The deal follows similar sell-offs of government stakes in major industrial firms, including EDF, Gaz de France and three motorway operators, and its earnings will be earmarked for reducing the public debt.

ADP, which last year handled a record 78.7 million passengers, hopes to increase its passenger capacity by 19.4 million over five years.

Copyright AFP

Subject: French news

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