French state control of Compagnie des Machines Bull SA could end this year if talks with potential industrial investors are successful, chairman Jean-Marie Descarpentries said. Bull is in discussions with several possible industrial partners about their taking a 15% to 20% stake in the group. This, coupled with employees buying a 10% stake – would cut the French state’s current 77% (which excludes state-owned France Telecom’s 17% holding) to under 50%.Descarpentries said that when privatisation was complete he hoped industrial partners would own a further 15% to 20%, the public 20%, with the balance held by financial institutions. If a single partner would not take 15% to 20%, Bull would look for firms willing to buy at least 5% to 6% holdings. The business plan to justify France injecting $1,200m of new capital will be delivered to the European Commission at the beginning of next month, Descarpentries added.
