France to Sell ADP Stakes to Vinci and Credit Agricole

By IVCPOST Staff Reporter

Jun 30, 2013 10:46 PM EDT

France would sell its 4.69% stake in Paris airport operator, ADP to construction group Vinci. Finance Minister Pierre Moscovici said that the other 4.81% stake of the county will be sold to Credit Assurances.

In a statement on Sunday, the minister said that the government and its FSI investment seeks to raise Eur738 million from the 9.5% sale. The ministry added that Vinci and Credit Agricole will each get a board seat. The ministry agreed not to raise their ADP stake above 8% for five years.

Vinci raised its stake to nearly 8% because of the sale. The French group said it wanted to expand its airport management firm. This was to reduce reliance on construction revenues. Last December, it paid Eur3.08 billion for ANA, a Portuguese airport operator.

A representative from Vinci did not give any comment on the ADP transaction.

The sale of 9.4 million shares in ADP was priced at Eur78.50. This would decrease the state holding to 50.63%.

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