State to retain majority of airport operator ADP

9th May 2006, Comments 0 comments

PARIS, May 9, 2006 (AFP) - The French state could retain between 60 and 70 percent of the shares in the airport operator Aéroport de Paris when it is listed on the stock exchange, the business daily Les Echos reported Tuesday.

PARIS, May 9, 2006 (AFP) - The French state could retain between 60 and 70 percent of the shares in the airport operator Aéroport de Paris when it is listed on the stock exchange, the business daily Les Echos reported Tuesday.

ADP could be capitalised at between EUR 3 and 3.5 billion through an initial public offer (IPO), the newspaper added.

It said the French finance ministry wanted to keep a larger share in the group rather than selling 49 percent to private investors, as allowed by law.

That would allow the government to sell additional shares at a higher price in the future, and reassure unions which oppose the partial privatisation.

According to Les Echos, the state would retain a greater share of ADP if its stock market value was at the higher end of the 3.0-3.5 billion euro range.

The airport operator is to be listed through a combination of the sale of state shares and a capital increase of between EUR 500-600 million.

The combined deal is expected to be worth between EUR 1-1.5 billion, with the state standing to earn 500-750 million, according to a source close to the matter.

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.

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

0 Comments To This Article