The French government yesterday resumed its privatisation programme with the offer of its 50.97% stake in defence electronics, telecommunications and computing group Matra SA. Core holdings of 4% goes to GEC Plc, 4% to Daimler Benz AG, and Sweden’s Wallenberg group which controls L M Ericsson gets 2%. In all, 22% of the equity is allocated for friendly core holdings, the other 12% going to French institutions. Each core holder will be permitted to increase its stake by buying in the market to a maximum of 10%. An 18.8% stake is to be offered to the public at FF120 a share after a 12-for-one split. Matra staff will be able to subscribe for another 4.5%, and the state will retain a 5.8% stake for a future free distribution.
