France officially launched the privatisation of Credit Lyonnais on Saturday, announcing plans to sell the bank at a discount of between 4% and 18% of its estimated value.

Finance Minister Dominique Strauss-Kahn said Credit Lyonnais would be sold at 22.5 to 26.2 euros ($23.60 to $27.50) per share, roughly in line with analysts' forecasts.

The price range valued Credit Lyonnais at FF41.2 billion to FF48 billion ($6.59 billion to $7.67 billion).

Source: Flight Daily News