French President Emmanuel Macron's plan to reduce the government's corporate holdings is taking shape with details that will be released next month on the sale of a stake in the lottery operator FDJ.
The government will submit a privatization plan on May 16 also includes Aeroports de Paris, an airport operator and former gas monopoly Engie SA, Le Journal du Dimanche reported on Sunday, without say where you got the information from The state is considering quoting close to 50 percent of the shares in FDJ, formerly known as Francaise des Jeux, while retaining a minority stake and selling another to a private anchor investor, according to the newspaper.
A representative of FDJ declined to comment. A spokesperson for Finance Minister Bruno Le Maire could not be reached for an immediate comment.
Macron, a former investment banker, was elected about a year ago to commit to reforming France's economy. The nation is unusual among the large Western European countries in that it has a [19659008] broad portfolio of holdings in publicly traded companies, such as Orange SA and Electricite de France SA, in addition to businesses closely held as military shipowners DCNS and FDJ.
Although the details of the sale of participation in the lottery operator have not been finalized, the government plans to maintain the monopoly of the lotteries to preserve the value of the company, control the games in the country and continue reaping tax benefits , informed JDD.
FDJ is among the largest lottery groups in the world and its tickets and scratch cards can be purchased at tobacco outlets throughout France. The company pays more than 3 billion euros each year to the state.
The French state owns just over 50 percent of ADP, which operates Charles de Gaulle and Orly airports that serve Paris along with other centers around the country. world. Vinci SA, which owns 8 percent of ADP, weighed an offer for a majority stake in ADP, said people familiar with the issue in June last year.
Engie, the former French gas monopoly in which the state still has 24 percent, can live without state ownership if France decides to sell, said executive director Isabelle Kocher. The government cut its bet twice last year.
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