France to sell up to 372M euros of Engie shares

Published 16.06.2015 22:49

France said on Tuesday it would sell a 0.9 percent stake in energy company Engie for up to 372 million euros ($420 million) as part of efforts to pay down its debt. The state currently holds 33.24 percent of Engie and even after the sale will remain a key shareholder as under a new French law large, long-term investors hold double-voting rights. Economy Minister Emmanuel Macron said last October that the France state, which owns stakes in 74 companies worth about 110 billion euros, intended to sell shares worth 5 to 10 billion to pay down the national debt within the following 18 months. Engie is the new name for energy and gas company GDF Suez, which is the world's number three importer of liquefied natural gas and the top independent electricity producer.

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