The French government is pressing ahead with the part privatisation of Snecma, the French aero-engine manufacturer, with a lucrative initial public offering mandate up for grabs.

The French state owns 97.3% of Snecma (Société Nationale d'Etude et de Construction de Moteurs d'Avion) and is expected to sell up to 20% of the firm, according to sources close to the company. Local reports say that the French government has appointed two banks as advisers.