June 30, 2013 / 11:27 AM / in 5 years

France to sell ADP stakes to Vinci, Credit Agricole

PARIS (Reuters) - France will sell stakes in Paris airport operator ADP (ADP.PA) of 4.69 percent to construction group Vinci (SGEF.PA) and 4.81 percent to Credit Agricole Assurances (CAGR.PA), Finance Minister Pierre Moscovici said.

The government and its FSI investment fund will raise 738 million euros ($959.3 million) from the sale of 9.5 percent, the minister said in a statement on Sunday.

Vinci and Credit Agricole Assurances will each get a board seat and have agreed not to increase their ADP stakes above 8 percent for five years, the finance ministry said.

With the sale, Vinci raises its stake to nearly 8 percent. The French group has said it wants to expand its airport management business to reduce reliance on construction revenues. In December it paid 3.08 billion euros for Portuguese airport operator ANA.

A Vinci spokesman said the company had no immediate comment on the ADP transaction.

    France’s cash-strapped government, which has announced plans to trim some public holdings, announced on May 30 it planned to reduce the combined 60.1 percent of ADP controlled by the state and FSI fund, while retaining a majority.

    The sale of 9.4 million ADP shares at 78.50 euros each reduces the combined state holding to 50.63 percent.

    ($1 = 0.7693 euros)

    Reporting by Laurence Frost; editing by Jane Baird

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