France's La Poste only open to state investors
La Poste will become a limited company but will only sell shares to public institutions and will not be open to private investors, President Nicolas Sarkozy said.
La Poste will become a limited company but will only sell shares to public institutions and will not be open to private investors, President Nicolas Sarkozy said on Thursday (18th November).
“La Poste will change its status but will only be open to public sector capital like the Caisse des Depots,” Sarkozy said on a visit to a rural district in eastern France, referring to a state investment institution.
State-owned La Poste, which employs around 280,000, is to become a limited company, a move originally intended to prepare the way for a partial privatisation.
But the privatisation plans have been derailed by the financial market crisis, leaving the group casting around for other sources of capital.
La Poste is looking to raise around 3 billion euros ($4.3 billion) to help fund investment needed to face growing competition after the liberalisation of the European postal services market in 2011.
