Overall increase in European takeovers High profile takeovers both friendly and not so friendly involving some of Europe's most well-known names have become commonplace, indicating not just the shifting cultural attitudes towards new business practices but also reflecting a new era of a single currency, growing shareholder influence and the decreasing significance of national boundaries.
Hostile takeovers are still something of a rarity in Europe.
When they do occur, they tend to spark off an intense debate about job losses, national interest and competition issues. This is before the argument moves on to issues such as the ability to add value through a hostile bid, and tactics used by both parties during the bid process. All these issues have been under consideration in a number of transactions launched during the first half of 1999. Hostile battles for control of Gucci, Societe Generale and Paribas and Telecom Italia have highlighted the increased presence of Anglo-Saxon techniques used by some of Europe's most powerful businesses. Highlighting the particularly intense consolidation which is sweeping through industries such as retail, banking and telecommunications these hostile bids will continue to have repurcussions long after they have either been completed or have failed.