* ADP shares could be sold weeks/months after vote - sources
* State owns 50.6 pct stake in ADP worth nearly 7 bln euros
* ADP runs Charles de Gaulle, Orly airports near Paris
By Matthieu Protard and Gilles Guillaume
PARIS, June 9 The government of new French
President Emmanuel Macron looks likely to start a planned
privatisation programme with airports operator ADP,
according to three financial industry sources with knowledge of
Macron said before he won the presidency on May 7 that he
wanted privatisations to help fund a 10 billion euro ($11.2
billion) government drive to boost industry and innovation.
If he gets the parliamentary majority pollsters expect on
June 18, he could go for a quick first deal that could raise
funds for ailing French nuclear group Areva.
Shares in ADP, which runs Charles de Gaulle and Orly
airports outside Paris, are trading near record highs, and the
government's 50.6 percent stake, worth nearly 7 billion euros,
could be put on the block by state investment group APE within
weeks or months of the election, the sources said.
"We think that APE have made plans so that ADP is on top of
the stack for the government," said one of the sources who has
previously been involved in deals involving the French state.
None of the sources could say for sure the government would
sell ADP soon, nor whether all or part of the stake would be up
for auction. But a second source said APE had "very likely
organised things" for ADP to be the first privatisation.
ADP, the finance ministry, the president's office and the
APE all declined to comment.
Despite its strong recent share price performance, ADP has
an enterprise value (equity plus debt) of about 13 times
forecast earnings before interest, tax, depreciation and
amortisation (EBITDA), below an average of around 16 times for
recent sector transactions.
The 2015 sell-off of Nice and Lyon airports, overseen by
Macron himself as economy minister at the time, achieved
multiples of 23 and 19 times respectively.
European and Chinese investors are interested in ADP, a
banking source said. However, French infrastructure group Vinci
, which already holds 8 percent and has made airport
operation a core business, is seen as the most serious
candidate, sources and analysts said.
Aside from the two Paris hubs, ADP manages or has stakes in
23 airports around the world, including in Belgium, Georgia,
Turkey, Saudi Arabia, and Chile.
It said on Friday it would increase its stake in Turkish
airport operator TAV Airports to 46 percent for $160
million and expand with TAV in the EMEA (Europe, Middle East and
Africa) and Central Asia regions.
Through public bank Caisse des Depots and holding companies
Bpifrance and APE, the state has stakes in some 1,750 French
companies with a combined value of nearly 100 billion euros, of
which shares worth about 77.4 billion euros were listed on the
stock exchange at the end of 2016.
($1 = 0.8948 euros)
(Additional reporting by Blandine Henault, Cyril Altmeyer,
Jean-Michel Belot, Maya Nikolaeva; Writing by Maya Nikolaeva;
Editing by Andrew Callus and Mark Potter)