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France Said to Sell as Much as EU452 Million of Safran Shares

France is selling about 13 million shares of Safran SA (SAF), Europe’s second-biggest maker of aircraft engines, for as much as 452 million euros ($581 million).

The shares are being sold at 34.50 euros to 34.80 euros, according to a term sheet obtained by Bloomberg News. That’s a discount of as much as 2.8 percent to yesterday’s closing price. The offering represents about 3.1 percent of Safran’s outstanding stock, the term sheet shows.

France owned about 30 percent of Safran at the end of last year, according to the company’s website. The Paris-based aerospace company, led by Chief Executive Officer Jean-Paul Herteman, generated 13.6 billion euros in revenue in 2012.

Societe Generale SA (GLE) is managing the offering, which is scheduled to price today, the term sheet shows. Safran rose less than 1 percent yesterday in Paris trading to 35.49 euros, for a market capitalization of 14.8 billion euros. The stock has climbed about 31 percent in the past year.

To contact the reporters on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net; Ruth David in London at rdavid9@bloomberg.net

To contact the editors responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net; Edward Evans at eevans3@bloomberg.net

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