Small scale deal opens doors for acquisitions
The forthcoming privatisation of Gaz de France is expected to see the French government sell considerably less than the maximum projected 30% of the national gas giant later this year. The company outlined plans for a narrow share float, possibly before the summer, as it posted a full-year net profit.
With its recent announcement of a 15% increase in net annual profits to €1 billion, GdF is expected to be valued at about €12 billion when it comes to market. The planned privatisation will not include a partnership with a core industrial shareholder and should leave the group with the scope to use its shares as a currency in any future acquisitions.