Gaz de France launches IPO

June 23, 2005
Gaz de France launched an initial public offering June 23 that is open to institutional and retail investors as well as company employees.

Doris Leblond
OGJ Correspondent

PARIS, June 23 -- Gaz de France launched an initial public offering June 23 that is open to institutional and retail investors as well as company employees.

Chairman and Chief Executive Officer Jean-François Cirelli said that 20-22% interest in the company is up for sale.

The liberalized trading of GDF ended a 5-year saga during which successive governments balked, saying the opening of the state-owned utility could provoke social turmoil.

An IPO for electric giant Electricité de France is scheduled for later in the year.