The French state, which had not subscribed to a capital increase by Bull that closed on June 30, held 27.74 million Bull shares, or 3.52 percent of the capital and voting rights of the IT group, AMF said.

Bull said on July 12 that 94.4 percent of its minority shareholders -- excluding the strategic shareholders the French state, France Telecom, Japanese company NEC and US firm Motorola -- had subscribed to the capital increase.

Under a recapitalization plan announced in November 2003 and launched on March 31, Bull proposed to acquire all its 2000/2005 Oceanes, bonds convertible and/or exchangeable for new Bull shares.

The struggling company returned to profit in 2003 after six straight years of loss.

SPACE.WIRE