Privatisation back on the menu

20 June 2005

The government was expected to slow down the privatisation process in response to losing the referendum. Instead, it has upped the tempo. The state seems to be betting that it can create jobs with privatisation proceeds and that unions won t kick up a fuss.

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French finance minister Thierry Breton said earlier this month that the country's privatisation programme would proceed apace.

Gaz de France begins the roadshow for its initial public offering of shares on Thursday. The French state will reduce its stake in the gas utility to between 78% and 80%, raising between E2bn and E2.5bn for the public purse. GDF will raise some extra money for itself.

France also plans to partially privatise its electricity utility Electricite de France in October.

The government sold more than E3bn of France Telecom shares in a secondary placement earlier this month. It is expected to launch secondary share sales of one or more of its motorways concessions later this year.

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