Market 'favourable' for Gaz de France sell-off

28th April 2005, Comments 0 comments

PARIS, April 28 (AFP) - The French finance ministry believes that the market conditions at present are moderately favourable for an initial public offering of shares in state-owned Gaz de France (GDF), a ministry spokesman said Thursday.

PARIS, April 28 (AFP) - The French finance ministry believes that the market conditions at present are moderately favourable for an initial public offering of shares in state-owned Gaz de France (GDF), a ministry spokesman said Thursday.  

He was commenting after financial daily Les Echos reported that President Jacques Chirac would prefer the IPO to be put off until after the referendum on the European Union constitution on May 29.  

Only a victory for the "yes" camp would permit the partial listing before summer in the northern hemisphere, while a "no" would push the vote back to the autumn, when GDF publishes its interim results in September, Les Echos said, without citing sources.  

Another financial daily, La Tribune, also reported the possible delay, citing sources close to the situation.  

The ministry spokesman, however, recalled that "the minister (Thierry Breton) has indicated that this operation will take place before the summer."  

"That is still the timetable, we are ready to go, and confident," the spokesman said.   GDF confirmed the calendar was on track.  

The presidency was not available for comment.

© AFP

Subject: French News

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