French government to sell ADP stakes to Vinci, Credit Agricole

Sale of stakes in Paris airport operator to raise €738 million

French finance minister Pierre Moscovici said the government will sell 4.69 per cent of ADP to construction group Vinci and 4.81 per cent to Credit Agricole Assurances. Photograph: Reuters/Francois Lenoir

Mon Jul 01 2013 - 01:00

France will sell stakes in Paris airport operator ADP of 4.69 per cent to construction group Vinci and 4.81 per cent to Credit Agricole Assurances, French finance minister Pierre Moscovici said yesterday.

The government and its FSI investment fund will raise €738 million from the sale of 9.5 per cent.

Vinci and Credit Agricole Assurances will each get a board seat and have agreed not to increase their ADP stakes above 8 per cent for five years.

The sale raises Vinci’s stake to almost 8 per cent.

France's cash-strapped government, which has announced plans to trim some public holdings, said on May 30th that it planned to reduce the combined 60.1 per cent of ADP controlled by the state and FSI fund, while retaining a majority.
– (Reuters)