EN FRANCE ON VA TOUT PRIVATISER Will Paris catch the take-over fever
gripping New York and London? A series of take-over battles in France
during the last few months coupled with government attempts to
facilitate hostile bids (in a country where agreed deals are preferred)
has aroused speculation that the raiders may soon be crossing the
Channel. Now that France has a right-wing government committed to free
enterprise and deregulation, say analysts, this seems more probable.
Opinions are divided as to whether the French will ever adopt such
aggressive techniques in its industrial rationalization. At present,
the bourse only experiences about one hostile bid a year and that rarely
succeeds. Indeed, most of the dozen or so annual takeovers are
friendly. But what is certain is that France is about to see a sharp
revival of conventional merger and acquisition activity. Under the
privatization programme due to be pushed through...
