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3 December 2007 - France's Finance Ministry announced Monday the sale of a 2.5 percent share of electricity monopoly EDF to raise funds for higher education, with the option of selling 3.7 per cent according to demand.
"The state, the majority shareholder in EDF, will today commit to selling around 2.5 percent of the company" via an accelerated share placement to institutional investors, French Economy Minister Christine Lagarde said in a statement.
President Nicolas Sarkozy had said Thursday that France would sell three percent of its stake in the energy giant EDF to "create a five-billion (euro) investment plan for our universities".
Lagarde said the government would sell 45 million shares -- around 2.5 per cent of EDF's capital -- and "that number could, depending on the interest expressed, go up to a maximum of close to 67.3m shares", about 3.7 per cent of the capital.
The French state owns 87 percent of the utility giant, which is worth more than €156 bn ($230bn) by market capitalisation. It is required by law to retain at least 70 per cent.
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