Warburg turns heat on French bid
The offer was made to the French bank BNP which yesterday rejected Warburg's initial offer to buy out its 84 per cent stake. The offer values the company at FF4.88bn (pounds 630m). BNP failed to make any contact with Warburg by yesterday's noon deadline, but issued a statement saying it "is not and never has been disposed" to sell its CIP shares.
BNP made a lower offer to the minority shareholders last week, worth FF186 per share.
It is thought Warburg's extension of the offer may allow time for other minority shareholders to start complaining about the level of BNP's offer.
Warburg insists that its offer is serious and that it would happily take control of the company. If successful it would have several options which would include continuing to trade CIP as a single entity or breaking it up. CIP takes small stakes in quoted companies.
Warburg has a 3 per cent stake. According to records filed nine months ago other minority shareholders include Scottish Value Trust, Paribas and a collection of French institutions.
The battle for control has brought with it a clash of different banking cultures, pitting the comparative sleepy Paris bourse against the aggressive tactics of a City of London arbitrage department.
- 1 'He was lucky he didn't die' - George Michael fell out of speeding car onto M1 motorway, according to eye witness
- 2 Gay couple beaten in park urge MPs to moderate language on gay marriage
- 3 After woman sells virginity for $780,000, here are the results of our prostitution survey
- 4 Far-right French historian, 78-year-old Dominique Venner, commits suicide in Notre Dame in protest against gay marriage
- 5 'It was just like the movie Twister': Man survives Oklahoma tornado by taking refuge in horse stall
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£850 - £1000 per day: Orgtel: Programme Change Manager - Banking - London - £8...
£180 - £230 per day: Orgtel: Operations Analyst - Leading Bank in the City of ...
£500 per day: Orgtel: A top tier banking client urgently requires Finance Busi...
£425 - £550 per day: Orgtel: Senior Finance Project Manager - £550 - Bristol -...