- France: The French State is to begin privatisation of a "substantial but minority" part of its 97% stake in SNECMA (net profits EUR 183 million for a turnover of EUR 6.43 billion in 2003), stating that the operation to take place before summer 2004 will cover a "substantial minority stake". SNECMA is currently valued at between EUR 5 and 6 billion. France, moreover, is envisaging privatisation of AREVA in the next "few months", bringing its participation in FRANCE TELECOM down below the...