still many obstacles to overcome


Politically sensitive, the disposals of the French games and Aéroports de Paris could be launched at the earliest in the second half, after the adoption of the Pact law.

By Philippe Jacqué Posted today at 11h50

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Privatize, will not privatize? With the rise of the movement of "yellow vests", doubts about the launch of privatizations announced by the government have emerged in recent weeks. Bruno Le Maire, the Minister of the Economy and Finance, wanted to cut short by assuring during his vows to the press on January 12 that "The schedule of asset disposals will not change. We need to sell assets to fund breakthrough innovation and enable our country to stay in the race for new technologies ".

That said, Mr. Mayor did not engage much, since the Ministry never officially indicated the schedule of privatizations of La Française des Jeux (FDJ), Aéroports de Paris (ADP group) or its disengagement of Engie. In mid-November, the State Investment Agency mentioned the possibility of launching the process in the spring.

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"What is certain is that the Pact Act, which authorizes these transfers, must be adopted before the launch of privatizations", says an observer. The Senate is just starting to study the bill in committee. The text should be adopted at the earliest in May, with possible referral to the Constitutional Council.

A new regulatory framework

Then the government will not finish. To put on the market a part of the capital of the FDJ, it will have to adopt a new regulatory framework, by order, as well as a new fiscal framework and define the duration of the license of the group today public. Finally, he will have to prepare an IPO, to sell part of his shares. "In short, nothing will be possible before the second half of 2019", says a specialist of the subject.

Regarding Aéroports de Paris, if the State wants to withdraw, it must still transform ADP into a concession for a period of about seventy years, which requires it to compensate the current shareholders of the airport facilities manager. While assessments are ongoing, the process is still not complete and the government has not yet decided on the form of this privatization.

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Before the government can hope to receive the first funds from these asset disposals, it will still have to be patient. Knowing, recalls an expert, that "The decision to launch an operation always takes into account the economic, financial and political context".

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