Film-maker Besson zooms in on float

LUC BESSON, the director acclaimed as the French Steven Spielberg, plans to float his film production and entertainment company, EuropaCorp.

Besson says the company generates 'profits of around e15 million (£10.5 million)' and that he has approval from French financial market regulators to f loat the company on EuronextParis.

EuropaCorp shares in the profits from Besson's string of eight internationally-successful movies, including The Big Blue, Nikita, Léon and Jeanne d'Arc. The company also produces advertisements and documentaries, distributes films and deals in film and product licensing.

Besson said EuropaCorp was 'structuredî for flotation,and its financial results were 'more than satisfactoryî. The timing of the flotation has yet to be decided.

'The market is not well-disposed towards media stocks,' he said. 'So we are waiting for the right moment. That doesn't stop us producing between 10 and 12 films a year and prefinancing them to the level of 90%.'

Besson, 44, has been making films for 20 years, learning the trade during a three-year spell in Hollywood. Although EuropaCorp is based in Paris, his productions are characterised by big budgets, English soundtracks and commercial success.