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. Last Updated: 07/27/2016

Thomson to Be Floated

PARIS -- France has announced the partial flotation of Thomson Multimedia, the television manufacturer that only two years ago was so burdened with debt it was nearly sold for a symbolic 1 franc (16 cents).

The Finance Ministry said Monday it will sell shares at an indicative price of 18 to 21.5 euros ($19.47 to $23.26) each, with a capital increase of 3.5-4.0 billion French francs ($580 million to $660 million), valuing the company at between 14.6 billion to 17.5 billion francs.

The ministry said in a statement the sale would be between Oct. 18 and 29, market conditions permitting.

Thomson Multimedia, the biggest single supplier of televisions and VCRs to the United States, and the fourth biggest in the world, will remain majority owned by the state, with state-owned Thomson SA retaining a stake of 51.7 percent.