PARIS (Reuters) - French construction and concessions company Vinci (SGEF.PA) and Credit Agricole’s (CAGR.PA) life insurance unit are among candidates to buy a stake the French government is selling in Paris airports operator ADP (ADP.PA), newsletter Agefi reported on Thursday.
French Finance Minister Pierre Moscovici announced the plan to sell up to about 10 million shares in ADP - worth almost 700 million euros - in May, as the French government looks for funds to invest in a stagnant economy.
Agefi said the stake represented 9.5 percent of the company’s capital.
For Vinci, which already has a stake of about 3.3 percent, such a purchase would give it a seat on ADP’s board and put it in a strong position to take control of the airport operator if it were eventually privatized, Agefi reported.
For French bank Credit Agricole’s Predica unit, the ADP stake would be an opportunity to seek higher yields, a latest sign of how life insurers are diversifying to offset low sovereign and corporate bond yields.
Predica did not immediately return phone calls seeking comment. Vinci declined to comment.
Reporting By Christian Plumb and Benjamin Mallet. Editing by Jane Merriman