With Saffron, State sells a new family heirloom
In the old families in need, when times are tough, it may give a ring or a gemstone to bring a little cash. The France uses the same tricks. This time, the state will sell its 3.96% stake in the aerospace group Safran and defense. Ministries of Finance and Economy have announced Monday.
The operation would yield about one billion euros. This is as good as the 16.5 million shares being sold, the action Safran trading at 63.76 â,¬ to the close of the Paris Stock Exchange on Monday.
The sale may be increased to 4.55% of capital (ie a maximum of 18,975,000 shares) if the “Over-Allotment Option” is selected, specify the ministries. This mechanism helps regulate the stock market price of a share to avoid excessive volatility.
This sale is presented as an operation that takes place “within the framework of an active management policy interests of the State “, announce the ministries. The goal is twofold: “to contribute to the deleveraging effort” and “invest in companies of economic development growth sectors”
Already two disposals in 2013
No way. Here sellout according to the Government ensures that its policy “preserves the heritage and strategic interests of the state.” At the end of the operation, the state remains the largest shareholder of Safran, with 18.03% of its share capital (17.44% if the overallotment option is enabled). Its stake in Safran reached until 22% of the group’s capital.
This is not the first time that the state draws from the wool socks labeled Safran. In November 2013, it sold 4.7% stake in the aerospace equipment. An operation according to Pierre Moscovici, Minister of Economy of the time, was to bring “about 900 million euros.” And France had already given …
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