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French innovation fund to hold stakes in companies - PM
November 20, 2017 / 11:03 AM / 22 days ago

French innovation fund to hold stakes in companies - PM

PARIS, Nov 20 (Reuters) - The French government will launch a new 10 billion euro ($12 billion) innovation fund in January financed by stakes in public companies and the sale of state assets, Prime Minister Edouard Philippe said on Monday.

The fund, one of President Emmanuel Macron’s election promises, would be seeded with proceeds from the recent sale of stakes in utility Engie and car maker Renault , Philippe said.

“The rest, about eight billion euros, will be made up of state stakes (in companies) that will not be sold but which will pay regular dividends,” Philippe said.

Overall the fund would generate a yield of 200-300 million euros a year to be used to finance innovative projects, Philippe said during a meeting with the National Industry Council in the northern Paris suburb of Bobigny.

$1 = 0.8484 euros Reporting by Jean-Baptiste Vey; writing by Leigh Thomas; editing by Michel Rose

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