The Alpes-Maritimes department has decided to sell 4 of the 5% it holds in the Côte d’Azur Airports Company (SACA) to the Franco-Italian consortium Azzurra, announced the department president Eric Ciotti at a press conference this Thursday.
This decision is a consequence of the new situation and the fact that, thanks to shareholder agreements, the blocking minority for strategic decisions has been set at 75% of the shares.
In this case, since the CCI Cote d’Azur and the City of Nice and the Metropolis have announced their intention to keep their respective shares of 25, 5, and 5%, why maintain only a symbolic participation and “favor the cash” as they say in business circles?
Especially since the Departmental Council will retain the right to appoint a director, as will the other local authorities.
It is highly likely that the Azzurra Consortium will transfer the shares currently in possession of the Departmental Council to the Principality of Monaco as part of its involvement in the operation, which has a significant impact on Monaco’s tourism and business.
This sale, which will only be effective after the deliberation at the next departmental assembly scheduled for September 22, is expected to bring in 81 million euros, as the sale will be made at the same value as the State’s shares.
The amount will allow the department “to continue its debt reduction, to implement structuring actions for the Alpes-Maritimes, and to perpetuate its mission of territorial solidarity.”
Some options have been considered, the first of which is financial support for the Côte d’Azur’s recovery strategy on international markets to counter the negative repercussions following the July 14 attack.
But on this front, proposals will not be lacking: it is not difficult to imagine that, in the weeks to come, the corridor leading to the departmental president’s office will be frequently visited by officials who do not want to let such a great opportunity pass without taking advantage of it.
