In a complete policy reversal, the French government plans to float about one-fourth of Snecma's shares. An initial public offering (IPO) is tentatively scheduled for the third quarter. State-owned Snecma's partial privatization is expected to significantly advance slow-moving discussions about the long-overdue need to streamline and consolidate Europe's engine industry. The French propulsion group in the last few months has engaged in exploratory alliance/consolidation talks ...

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