July 1, 2019 / 9:57 AM / in 16 days

French referendum proposal for ADP privatisation gets 10% of signatures by July 1

FILE PHOTO: A logo of Groupe ADP (Aeroports de Paris) is seen at the entrance of their headquarters at the Paris Charles de Gaulle airport in Tremblay-en-France, France, June 19, 2019. REUTERS/Philippe Wojazer

PARIS (Reuters) - The French Constitutional Council said on Monday it had received 10 percent of the number of signatures required for a proposed referendum on the privatisation the country’s main airports group ADP (ADP.PA) to go ahead.

The Council said in a statement that the referendum proposal had received 480,300 signatures online since June 13, of which 97% have been verified. For a referendum, it must collect 4.7 million signatures - a tenth of registered voters in France.

The French government plans to sell all or part of its 50.6 percent stake in ADP, worth around 8.4 billion euros (7.5 billion pounds), as part of a drive to divest some state holdings to finance a 10 billion euros innovation fund.

The move has been met by a diverse group of opponents who are demanding a referendum and have accused President Emmanuel Macron’s government of “flogging the family silver”.

ADP shares were down 0.19% by 0925 GMT.

Reporting by Sudip Kar-Gupta and Bate Felix; Editing by Raissa Kasolowsky

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