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France to start selling down stakes in public companies from Sept - minister
July 6, 2017 / 2:45 PM / 4 months ago

France to start selling down stakes in public companies from Sept - minister

PARIS (Reuters) - Finance Minister Bruno Le Maire said on Thursday that France would start selling down stakes it holds in companies from September to finance projects geared towards innovation.

FILE PHOTO - French Finance Minister Bruno le Maire attends a national tribute ceremony for late French politician Simone Veil, Holocaust survivor and pro-abortion campaigner, at the Hotel des Invalides in Paris, France, July 5, 2017. REUTERS/Michel Euler/Pool

“I have announced that we are going to sell stakes in a number of public companies from September, stakes that are not strategic, which will allow us to generate a fund of 10 billion euros to finance innovation,” Le Maire told lawmakers.

President Emmanuel Macron pledged during his election campaign to set up a fund to promote industrial and research projects, to be financed by selling down shares in companies in which the state owns a minority stake and by dividends from state-owned shares.

Reporting by Jean-Baptiste Vey; Writing by Richard Lough; Editing by Leigh Thomas

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