(Repeats to remove extraneous text)
* Vinci wants to keep 25 pct as part of deal -sources
* Ardian, Credit Agricole studying joint bid -sources
* Vinci, Ardian, Credit Agricole decline to comment
By Lionel Laurent and Matthieu Protard
PARIS, Nov 15 First-round bids for French
construction and concessions firm Vinci's
parking-concession business are due by end-November, and are
expected to value the firm around 2 billion euros ($2.69
billion), three sources close to the deal said.
Vinci plans to keep a 25 percent stake in the Vinci Park
division and expects a range of bids to value the entire
business at between 1.8 billion and 2.3 billion euros, two of
the sources told Reuters.
A Vinci spokesman declined to comment on Friday.
"The preliminary bids are due at the end of the month," one
of the sources said. "Vinci is committed to selling but on
condition that it gets to the expected price."
Vinci Park operates 2,600 parking-lot assets in 14 countries
and posted 615 million euros in revenue in 2012.
Analysts say the unit is profitable but exposed to the
mature, slow-growing French market. A deal would offer Vinci the
opportunity to raise cash to reinvest in its airports business,
where growth is more promising.
Vinci Park's annual earnings before interest, tax,
depreciation and amortisation (EBITDA) are at around 200 million
euros ($269.49 million), according to sources close to the deal.
Vinci has said its airport business, which recently took over
Portugal's ANA, has an EBITDA of around 270 million euros.
Potential buyers include insurers, private-equity funds and
infrastructure funds - mainly long-term investors interested in
recurring cash flows - and they are looking at teaming up for
consortium bids, according to the sources.
Private-equity firm Ardian, formerly known as AXA Private
Equity, has told Reuters it is interested in the asset and two
sources said it was teaming up with Credit Agricole's
insurance arm to study a possible bid.
Ardian and Credit Agricole's insurance arm declined to
"There is appetite for this type of asset and the bids will
match expectations," one of the sources said.
Interested parties are also weighing up the possibility that
a change of ownership may result in a weaker negotiating
position with local governments and councils that award parking
concessions, the source said. The risk is that some concessions
may be awarded to rivals or will have to be renegotiated, he
($1 = 0.7430 euros)
(Reporting by Lionel Laurent and Matthieu Protard in Paris;
Additional reporting by Sophie Sassard and Anjuli Davies in
London, Natalie Huet in Paris; Editing by Elaine Hardcastle and