Saturday, 30 June 2007

Groupe Bull rides to the rescue of GFI?

History has shown that, when it comes to chauvinism, the French would win by a country mile. Nowhere is this more evident than when those jolly foreigners want to take over their companies. It gets even more intense when that company is in technology. What tends to happen, when one of their own is threatened with a 'hostile' bid, is that a "French" deal is hatched behind the scenes.

Latest example of this was occasioned when David Courtley's Fujitsu Services had the audacity to bid for GFI Informatique on 25th May at Euro8.50 a share; valuing GFI at cEuro 420m.

Yesterday GFI's CEO, Jacque Tordjman, told shareholders that Fujitsu's offer was "unsolicited and hostile", that Fujitsu and GFI did not co-operate on any projects right now making synergy difficult and that the offer seriously undervalued GFI.

Tordjman told shareholdes that he was now in merger talks guessed it, French Groupe Bull. Groupe Bull has had a more troubled life - and more owners - than is healthy, as the Frech Govt. went to extreme length to retain this "national treasure".

Goodness knows what would happen if the Indians are really serious on taking over Capgemini!

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