Bid battle looms for French bank

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The Independent Online
Bid battle looms for French bank

A BID BATTLE is looming for Credit Commercial de France, France's fifth- largest bank. ING, the Dutch financial services giant, was close to securing agreement for a foreign bank's first foothold in France.

However, ING has been outbid by Fortis, the Dutch/Belgian banking group, for the 7.8 per cent stake in CCF put up for sale by Mutuelles Le Mans. It is offering 112.5 euros a share, valuing the bank at 8 billion euros (pounds 5.3bn). ING already has 9 per cent of CCF voting shares.