Originally Posted by
brunos
That's not really
fair 
There are quite a few shareholders who have been registered for over two years and therefore hold double voting rights. This include long-time financial investors. It is hard to know how many 17.6% double votes translate into as a percentage of total voting rights. Assuming conservatively that 50% of the shares have double voting right (it's probably more currently), that means that the State owns 35.2/150=23.5% of the voting rights.
Well, actually, if we are going to into the detail, it is worth remembering that the double vote can only be given to nominative shareholders and not with people owning things such as "titres au porteur", which are typically dominant, especially in cases like AF where the privatisation process was largely advertised through banks to small share holders at the time.
I have of course no insight into the share holding make up of AFKL (they just mention that 74.4% are floating shares, 17.6% to the French state, 6.6% for employees, and 1.4% for self-control, which tells us nothing), but compared to many other French companies, it does not have many declared large institutional shareholders.
So while it is absolutely fair
to mention that the double voting rights do not only apply to the State, I would personally think that your estimate above might be over-pessimistic regarding the actual voting power of the state. That is an unknowledgeable guess on my part though so if you think that I underestimate nominative shareholding in AF I'm happy to take your word for it.