Liquidity in shares to be issued by Electricité de France and Gaz de France risks being severely impeded because of concessions by French MPs to soften trade union opposition to the partial privatisation of the country's two largest utilities, writes Samer Iskandar in Paris.

If last week's proposals by MPs are adopted, the free float will be limited to 15% of the companies' shares, or half the 24%-30% originally planned. This means that only €2.4bn ($2.9bn) of GdF shares would be available to investors, and €9.7bn of EdF, based on market capitalisation estimates of €16bn and €65bn, respectively, according to Exane BNP Paribas.