The sale of Thomson-CSF SA’s stake in SGS-Thomson Microelectronics NV will not take place before April and will make less for parent Lagardere SA than the share valuation, a source close to the deal said. As part of its buyout of Thomson, Lagardere wants to sell its 17.6% stake in chipmaker SGS, which is worth $1.3m at current market prices. The source said the group’s condition at end-1996 would influence the sale price. La Tribune Desfosses estimated the stake may be sold for $768m. The source said that Thomson-CSF, CEA-Industries and France Telecom, partners in a 1993 shareholder pact, would generate a substantial capital gain by getting the shares at a lower price.
