The French postal group La Poste should remain state-owned and not be floated on the stockexchange, an official government commission will recommend, according to French media reports.
The Allieret commission, appointed to examine La Poste’s plan to restructure into a limitedcompany and then float a minority stake, has backed the idea of transforming the postal operator’sstructure ahead of full postal market liberalisation.
A majority of the commission’s members said they supported the plan to make La Poste,currently an autonomous public organisation, into a 100% state-owned company, several newspaperssaid, citing from a preliminary commission report.
Its capital could then be opened to publicly-owned financial investors such as the Caisse desdepots et consignations (CDC). This would be a “coherent and desirable” step in view of La Poste’sneed to raise funds for future financing and its medium-term growth strategy.
But the commission has effectively killed off La Poste’s ambition of a share placement in2010 or 2011, according to French media. “In the context of the financial crisis, the hypothesis ofan appeal to private investors is neither desirable nor credible,” Les Echos cited from thepreliminary report.
The commission is due to hold its final meetings this week and then present its officialreport next week.
