By Jason Chow
PARIS--The French government said Tuesday it would reduce its
stake in energy group Engie SA, previously known as GDF Suez SA, in
a sale that represents 0.9% of the company's total shares.
Finance Minister Michel Sapin and Economy Minister Emmanuel
Macron said the state has hired banks to carry out the sale of just
over 22 million shares in the company over the next three months.
Based on Monday's closing price, the shares are worth EUR372
million.
The French state, an active investor in many of France's largest
companies including car maker Renault SA and airline group Air
France-KLM, said it currently owns 809.4 million shares in Engie,
representing 33.2% of the total shares. The government remains
Engie's largest shareholder.
Because of the new Florange Law, France is able to sell its
stake but retain significant voting rights. The law dictates that
those who own shares for longer than two years are allowed double
voting rights.
"The sale is part of the state's active management policy, which
allows it to preserve the wealth and strategic interests of the
state," the government said. Proceeds of the sale will be used to
pay down government debt and reinvest into "growth sectors" of the
French economy, the state said.
At 0759 GMT Engie was down 1.2% at EUR16.68.
Write to Jason Chow at Jason.Chow@wsj.com
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