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Fri, Dec

French Lottery to be Privatized

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The French government announced that it would be floating its 72% of shares owned in the French lottery, La Francaise Des Jeux as soon as next year in a bid to privatize the company. Moves are presently being made to create the necessary legislation to float these shares.

La Francaise Des Jeux, which generates $13 billion each year, is also owned by lottery staff (5%) and historical lottery organizations (20%). The Soficoma brokerage fund also owns a minute percentage of the company.

Already, a number of publishing firms and telecommunication organizations have expressed an interest in purchasing the floated shares. These include Lagardere SCA, which, according to the local media is a major contender, as well as Bouygues SA and Vivendi SA.

La Francaise Des Jeux runs, among others, the Euromillions lottery that reported a record win of $160 million only last week.