FRENCH GOVERNMENT SETS TERMS OF BIMP SALE
The French Finance ministry said today a
public flotation offer opening this coming Tuesday for 39 pct
of the capital of <Banque Industrielle et Mobiliere Privee>
(BIMP) has been set at 140 francs per share.
    The offer closes next Friday. The ministry said in a
statement 51 pct of the bank's capital had been sold to a solid
core of large investors, including insurance companies and
Michelin subsidiary SPIKA, for 145 pct of the public offer
price. Ten pct of the shares have been reserved for employees,
who get a five pct discount increased to 20 pct if they keep
the shares for two years.
    Employees also get one free share for each one bought, if
the shares are held for at least one year.
    Small investors would receive one free share for every 10
bought, with an upper limit of five free shares per investor,
and on condition the shares are held for at least 18 months.
    The state-owned capital of BIMP comprises 2.51 mln shares.
The bank is being sold to the public as part of a sweeping
programme to privatise 65 state-owned groups over five years.
    In a separate statement, the ministry said last week's
privatisation offer of 1.07 mln shares in <Banque du Batiment
et des Travaux Publics> (BTP) was 65 times oversubscribed.
 REUTER
