22 July 2002 – The sale of up to 30 per cent of French state power monopoly Electricité de France (EdF) is still at least a year off, said a report in the Financial Times today.

The French government is expected to sell a minority stake in Electricite de France, probably in several tranches, said the newspaper which values the stake at €30bn.

The banks most likely to win the bulk of the mandates for the privatization of EdF and state-owned gas operator Gaz de France are Société Générale, BNP Paribas, Crédit Lyonnais, and Credit Agricole.

The sale is likely to be split into two tranches with EdF and GdF encompassing one and a further 11 companies in which the French government has an interest, the other.

EdF hired Rothschild in 1999 to advise it on its eventual privatization with GdF choosing Société Générale.