Warburg turns heat on French bid
Tuesday 25 June 1996
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 British tourists 'murdered' in Thailand: Pair's bloodied bodies found naked on Koh Tao beach
- 2 Vivienne Westwood says 'Yes' to Scottish Independence by declaring: 'I hate England'
- 3 Welcome to Cameroon, where drinking Baileys can lead to imprisonment
- 4 Lego breaks out of the toy box and heads for the gallery
- 5 Vogue under fire for 'Big Booty' article
British tourists 'murdered' in Thailand: Pair's bloodied bodies found naked on Koh Tao beach
Jihadi John': MI5 may have identified Isis militant who killed David Haines but options limited
Vivienne Westwood says 'Yes' to Scottish Independence by declaring: 'I hate England'
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Piers Morgan attempts to save the Union by promising to go back to the US if Scotland votes 'No' to independence
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Salmond accused of laughing off national debt with ‘what are they going to do: invade?’ joke
iJobs Money & Business
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...