French Law Could Help Government Tighten Grip on Companies

France could tighten its grip on a broad range of companies deemed strategic under a proposed law aimed at selling down state holdings in airport operator Aeroports de Paris SA, energy utility Engie SA and the national lottery. Under the draft legislation that could reach parliament within months, the government could grant itself so-called golden shares that can block strategic moves in companies in which it owns stock. The law would greatly increase the government’s reach because it could apply to holdings held by the state shareholding agency Agence des Participations de l’Etat, and to the listed companies in which state investment bank Bpifrance has at least 5 percent.