The French government has given an indicative timetable for the privatisation of Electricité de France and Gaz de France, as the country's largest initial public offerings moved one step closer to partial flotation with a new law turning both into limited companies.

GdF, which has retained Merrill Lynch and Société Générale as advisers, is expected to be floated in early 2005. Lazard and Calyon are advising the state on the deal.