By Doris LeBlond
OGJ correspondent
PARIS, Dec. 1 -- The French Finance Ministry said the government has changed the corporate status of Gaz de France from a state-owned company into a limited liability company in its move toward privatization.
Initially, the government will continue to hold 70% of GDF stock and voting rights, but the government is preparing to sell GDF stakes to private investors. Prime Minister Jean-Pierre Raffarin said on Nov. 19 that he hopes to see GDF opened up to new shareholders before yearend 2005.
GDF Pres. Jean-François Cirelli called the corporate legal change "a major step." Under its new statute, GDF is freed from the "specialty principle," which restricted its business to natural gas.
Now, GDF can market other energy commodities and associated services in France and abroad.
