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March 19, 1987

CGE TO RAISE A BILLION DOLLARS OF NEW MONEY AT ITS FLOTATION IN MAY

By CBR Staff Writer

Compagnie Generale d’Electricite is expected to seek almost $1,000m of new money when the French government privatises the electrical and electronic conglomerate in May. In particular, CGE wants the money to rebuild its balance sheet after the ravages created by the need to finance its acquisition of a controlling stake in ITT Corp’s telecommunications interests and create Alcatel NV. It has to pay ITT $577m for its 55.6% stake in the combined Alcatel company. CGE’s 1986 accounts are expected to show profits up 25% to 30% compared with the $193m – on turnover of $12,874m achieved in 1985. No underwriters have yet been named for the CGE issue, and the government has not yet set a price.

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