France raises $1.2b from sale of shares in Paris airport operator

PARIS (AP) - The French finance ministry has sold nearly 9.5 million shares in state-controlled airport operator Aeroports de Paris in a move to raise proceeds to help boost the ailing economy.

In a statement on Sunday, the ministry said it raised a total of 738 million euros (S$1.2 billion) via the sale of shares to two different investors.

French insurer Credit Agricole/Predica bought just over half of the shares, and now owns 4.81 per cent of the company, which runs Paris' two main airports, Roissy-Charles de Gaulle and Orly.

French construction giant Vinci bought the remaining shares and now has a 4.69 per cent stake in Aeroports de Paris. The government retains a 50.63 per cent stake.