Further controversy over the privatisation of French defence and professional electronics giant Thomson-CSF has been generated by a last-minute "offer" from UK counterpart GEC to take over the Government's 58% stake.
French moves to prevent one of its largest defence contractors from falling into foreign hands appear likely to scupper GEC's attempt, however, despite the Government's recent pronouncement that the privatisation would also be open to European defence firms.
On 7 April, the French finance ministry was due to rule on the acceptability of the GEC bid, alongside the French-led bids from Lagardère and Alcatel. Reports on 4 April suggest that the ruling is likely to go against GEC being allowed to make an offer.
Final bids must be deposited on 7 May, after "due diligence" proceedings have been carried out on Thomson-CSF.
Source: Flight International