March 27, 2013 / 8:44 AM / in 5 years

French govt says Safran stake sale to raise 448.5 mln eur

PARIS, March 27 (Reuters) - The French government will receive 448.5 million euros ($577 million) from the sale of a 3.12 percent stake in aerospace group Safran, Finance Minister Pierre Moscovici said on Wednesday.

Moscovici said in a statement that the sale of 13 million Safran shares to institutional investors, announced late on Tuesday, had been carried out successfully.

The amount raised indicates the shares were sold at 34.5 euros each. The stock had closed at 35.49 euros on Tuesday for an 8.9 percent rise since the start of the year.

France remains Safran’s top shareholder with a 27 percent stake following the sale, the proceeds of which are to be used to fund investments to bolster the economy.

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