The French government has decided to proceed with the partial privatisation of Snecma, the jet engine maker, despite bankers recommending that the offer should be postponed until market conditions improve.

The state will receive between €1.46bn ($1.78bn) and €1.62bn from the flotation of 35% of Snecma, instead of the €1.5bn-€2bn initially targeted, according to regulatory filings made public on Friday.