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Article: ELF PRIVATISATION THREE TIMES OVER-SUBSCRIBED
- Article from:
- Europe Energy
- Article date:
- February 18, 1994
CopyrightCOPYRIGHT 1994 Europe Information Service. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Following the announcement by the French Finance Minister, Edmond AlphandCry, of a price of FF385/share for the public offer of ELF-AQUITAINE, the diversified oil company, the authorities also decided to constitute a "hard core" group of friendly investors. The Government will, through the intermediary of ERAP, retain roughly 13% of ELF's capital and currently has a 50.8% stake. The "hard core" group of stable shareholders (GAS) will take a 10% stake. The latter, which will be allocated a total of 22 million shares, will consist of six French industrial and financial groups - AXA and UNION DES ASSURANCES DE PARIS (UAP) (insurance companies), BNP, CREDIT AGRICOLE and PARIBAS ...