Word: genvrain
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Dates: during 1960-1969
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...Perrier desires Genvrain, the largest company in France's inefficient and fragmented dairy industry. The French government heartily approves Perrier's bid, which would both foil any foreign attempt to take over Genvrain and represent a major move toward consolidating France's 3,000 scattered dairy firms. Finance Minister Valéry Giscard d'Estaing indicates as much in a meeting with the publicity-shy strategist of Perrier's expansion, President Gustave Leven. Perrier makes a generous proposal for Genvrain: $56 a share for stock that was selling for $45 on the Bourse. Genvrain would...
...Enter Bel, France's largest cheese company, which may or may not have been behind the attack on Perrier to blunt its bid for Genvrain. Bel and Genvrain merge, and announce their combining as a fait accompli...
...state-run Crédit Agricole bank, acting as an interested go-between, buys up most of the Genvrain shares that had been offered to Perrier, and resells them in equal amounts to Perrier and Bel. Then, in a burst of amiability, the principals agree to share Genvrain. The agreement serves the government's purpose of keeping France's dairy industry free from foreign control, but represents rather less than a major gain for efficiency. The terms of the formula, originally proposed by the Ministry of Agriculture, were divulged last week: Perrier and Bel will each...
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