FRENCH GOVERNMENT SETS BTP SHARES AT 130 FRANCS
The French government has set the public
offer price of shares for the state-owned <Banque du Batiment
et des Travaux Publics> at 130 francs, valuing the bank at 416
mln francs, the Finance Ministry said in a statement.
    This follows an analysis by the privatisation commission
putting the bank's value at at least 400 mln francs.
    The public share offer will open on April 6 and close on
April 10.
    The share capital of the bank comprises 3.2 mln shares, of
which the state will keep 200,000 to permit it to proceed with
free share issues to small shareholders later, the ministry
said.
    A total of 51 pct of the capital, corresponding to 1.63 mln
shares, will be allocated directly to various investor groups
who responded to invitations for tenders.
    A further 1.07 mln shares will be sold to the public
through the Paris Bourse and 300,000 shares, or 10 pct of
shares on offer, will be reserved for employees and former
employees of the bank.
    The group comprising Federation Nationale du Batiment,
Caisse Nationale de Surcompensation du Batiment et des Travaux
Publics, Societe Mutuelle d'Assurance du Batiment et des
Travaux Publics and Societe Mutuelle d'Assurance sur la Vie du
Batiment et des Travaux Publics received 20.5 pct of capital.
    Another group comprising Federation Nationale des Travaux
Publics (FNTP), Syndicat Professionel des Entrepreneurs de
Travaux Publics de France et d'Outre-Mer and Caisse Nationale
des Entrepreneurs de Travaux Publics de France et d'Outre-Mer
received 11.5 pct of the capital.
    A third group comprising Credit Commercial de France (CCF),
<Banque Hervet>, Comptoir des Entrepreneurs and Comptoir
Central de Materiel d'Entreprise received eight pct of capital.
    Credit Foncier de France (CFF) and Credit Lyonnais were
each allocated 5.5 pct of the bank's capital.
    Private individuals investing in the public share offer
will receive a one-for-10 free share issue if they hold the
shares for at least 18 months, up to a limit of five free
shares, while employees and former employees will be entitled
to discounts of between five and 20 pct on the issue price.
 REUTER
