How the executive is preparing the privatisation

The timing of the privatization was accurate. The State will engage in large maneuvers around the Airports of Paris and of the French Games in the spring, ” probably on the occasion of the passage in parliament of the action plan for the growth of Bruno, The Mayor “said it is within the executive.

The power of the public must go through the law if it wants to cede control of the two groups. Same for Engie, which will also be subject of specific provisions in the draft legislation.

“No sale decision is formally taken,” says one, but the executive will put in running order to drive its 10 billion euros of divestments by 2020 in order to finance a fund for innovation .

Aéroports de Paris is at the heart of its reflections. ” What is certain is thatADP will not be the subject of a transfer in the state “, says one of the side of representatives of the State shareholder at the height of 50,63 % of the group, valued at a little more than 15 billion euros. Unlike other airports, the group is in effect the owner of its terrain – sensitive assets on which the public authority intends to hold, directly or indirectly, even if it sells its securities ADP.

Concession, very long-lasting

The airport group was worried about having to split its real estate. But the executive has clearly ruled out the idea of creating purely and simply a land. Complex, this option would be too cost the State to compensate the minority shareholders.

The solution, which would now be held the rope is to grant ADP a concession for a very long time, to type fifty or even a hundred years, which would lead, ultimately, to an extension or to competition. ” This would be tantamount to grant ADP a right quasi-exclusive management and avoid questioning its legal regime. In any event, it must, however, ensure compatibility with the community law. “

In a second time, the State shall decide under what form dispose of the securities of the group, in blocks on the market, in batches in the form of an auction or in full by otc with a limited competition. A agreement preferred with Vinci, the largest shareholder of ADP with 8 % of the share capital, does not, therefore, seem to be the order of the day.

The State to 25 % or 30 % in the JDF

The French of the Games, which enjoys a legal monopoly on games and lottery the taking of sports bets in the physical network and generates significant tax revenue (3.3 billion euros in 2016), poses, she, other problems. ” If the State decides to privatize the French Games, it is necessary in any event to maintain its monopoly, and, to that end, the State will need to retain a strong control on the society “, it is still within the executive. The power of the public intends to stay in the capital to the tune of 25% to 30% (against 72 % today), granting specific rights.

From the outset, the State considers ” highly unlikely a sale to a specialist games “, further emphasises this source. The group of casinos cutting Edge, which has declared its interest in the name of a group of investors , therefore, should not be invited. Three options began to emerge. Either a sale by private treaty with a restricted invitation to tender with infrastructure funds and insurers who would position themselves ” in shareholders non-controlling “, it is said. Or sales of blocks of large investors or an ipo, with individuals with a portion of the capital reserved to the employees. In this configuration, the valuation of the group would increase to 2.5 to 3.5 billion euros.

In the case of privatization of the JDF, the government can rely on its CEO, Stéphane Pallez . This mandarin, who spent twenty years at Bercy, was manoeuvring on the folders, Air France and Thomson in the late 1990s-early 2000. Given the weight of the FDJ in the gaming industry, many experts believe that its privatization, however, would require a rethinking of the broader sector.

Engie, finally. The State still holds 24.1 per cent of the capital of the energy group and more than one-third of the voting shares, a stake valued around € 8.5 billion in current prices. The new law should authorize theState shareholder as to pass under the threshold of the third of the voting rights. The unions of the ex-GDF Suez, CGT head, however, are hostile to the disengagement of the State.

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