The French Government has scotched speculation that it could be prepared to give up a majority stake in Aerospatiale under the latest privatisation plans.
The sale of more than 50%is "out of the question", it says, although it leaves open the longer term option of releasing a majority stake "-if there is a substantial offer that fulfils our notion of a restructured European aerospace industry". A spokesman for French prime minister Lionel Jospin adds that an early privatisation of the company is "not on the books".
He confirms press reports that up to 10% of the company would be available for foreign ownership in the short term, with a further 20% available for the stock market and around 3% for the workforce.
The sale is aimed at smoothing the way towards French involvement in restructuring of the European defence industry, although the possibility of stakes going to British Aerospace and Daimler-Benz Aerospace (Dasa) is not favoured. Rather, the French Government wants to use the offer of a stake to help support alliances with smaller companies such as Alenia or CASA.
Speaking at the Eurosatory defence exhibition in Paris on 2-5 June, the head of the French procurement agency, Jean-Yves Helmer, held out the prospect of the Italian company joining the Thomson-CSF/Aerospatiale missiles grouping later this year. The grouping, however, still faces a rival bid for Alenia's favour from the Matra/BAe/Dasa venture.
Source: Flight International
