French Parliament pases law for privatisations and ADP stake sale

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The Members of the Parliament in France has adopted a bill that aims to initiate a wave of privatizations, including a sale of the state's stake in airports group Aéroports de Paris (ADP) and to raise cash for a new innovation fund. 

As of now, the French state's 50.6% stake is worth around EUR8.8 billion (US$9.9 billion).

The Assemblee Nationale voted in favor of the so-called "Loi Pacte" legislation bill, with 147 votes in favor of the bill versus 50 against.

The present government led by President Emmanuel Macron has consistently aimed to start the ADP privatization process in 2019, however, the plan has been widely criticized by some opposition parties over fears that the process could result in job cuts or a loss of control for a key national asset. It is expected that the privatization proposals, forming part of a broader strategy, will likely raise cash to boost the economy and finance technological innovations in France.

French Finance Minister Bruno Le Maire said that France will block any moves by a foreign power to gain control of ADP.

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