Made in France

Friday, September 02, 2005 | 0 comments »

MD writes...

Three cheers to the French for clearly stating what many (outside the City, that is) believe: it is important to build champions and protect the national interest.

François Loos the Industry Minister (HMG take note – Industry Minister) articulated this earlier in the week by pointing out that business should be "shielded" from foreign take-over bids [Editor: though how "strategic" yogurt making is - see postscript below - might be, ah, questioned]. Even better, this hit the press when one of Britain's few remaining world leaders (BPP) was on the unwanted receiving end of a bid from French Champion Saint-Gobain. Couldn't have planned it better.

Vive la France!

PS: When, last month, Groupe Suez (French in case you hadn't guessed) announced it was taking over the 49% minority of Belgium's Eltrabel (the profitable and cash generative part of the business) a Belgian wag retorted that electricity was rather more strategic than Danone (the French food group recently "protected" from PepsiCo).

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