The ramifications of an unprecedented level of M&A activity in France are only just beginning to hit
'History has taught us that France does not progress through evolution. It responds to revolution and brutal change.' So Jean-Francois Carminati, managing director of Morgen-Walke Europe, assesses the French corporate landscape in the aftermath of an extraordinary period of merger activity. 'Because we're in France, no-one could have predicted two or three years ago that BNP would have made that attack,' he adds (see Investor Relations, November 1999). 'But things have changed after the BNP
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