France is preparing for a major privatization of state-owned companies which will include selling a 50 percent stake in its national lottery company Francaise des Jeux through an IPO stock listing.
The government has announced plans to sell about 10 billion euros worth of stakes in state-owned companies to finance innovation, fulfilling an election pledge of President Emmanuel Macron. The national lottery was one of the first companies to emerge for the privatization.
Investment bank BNP Paribas as well as law firm Weil, Gotshal & Manges have been charged to conduct the sale of the lottery, which is 72 percent owned by the government. France has opted for a stock market flotation to remake the lottery company.
The sale and overhaul should be completed no later than early 2019, the Journal du Dimanche reported. The French state would retain an about 25 percent stake in the company.
