France Cuts Stake in Safran as Part of Fund Management StrategyMark Deen
France cut its stake in jet engine maker Safran as part of a plan to cut debt and free up funds for other investments.
The Agence des Participations d’Etat, the state holding company, sold 11 million shares, which would have been worth about 769 million euros at today’s closing price. The agency didn’t say how much money was raised.
“This sale fits in the framework of active management of state assets,” the APE said in a statement on its website. That means “preserving the strategic interests of the state while freeing up resources to cut debt and re-invest in companies and sectors driving economic growth.”
The government retains 15.39 percent of Safran and 23.9 percent of its voting rights.
The APE controls $130 billion in shares in 74 companies, ranging from warship builder DCNS SA and the national lottery to automaker Renault SA, as well as aviation giant Airbus Group and energy provider Electricite de France SA.