HSBC-CCF, Lehman Brothers and SG have priced the flotation of Société des Autoroutes Paris-Rhine-Rhône, the toll motorways operator, at between €38 to €43 per share.

At the top of the range, the sale by the French government of up to 30% of its stake would raise €1.35bn ($1.74bn) and value the group at €4.7bn.