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Ge beats french bid for sophia Original Source Link: (May no longer be active)    http://www.eubusiness.com/afp/031103160614.ddu3zg3z http://www.eubusiness.com/afp/031103160614.ddu3zg3z GE unit makes surprise 1.5-bln-euro bid for French property firm Sophia 03 November 2003 GE Real Estate, a subsidiary of General Electric, launched a surprise bid for French business property group Sophia on Monday, the same day a friendly bid from Societe Fonciere Lyonnaise was scheduled to begin. GE Real Estate tabled an offer of 41 euros (47.36 dollars) per share for Sophia, saying it was a friendly bid that valued the French company at 1.5 billion euros (1.7 billion dollars). Trading in Sophia, which has a market capitalization of 1.41 billion euros, was suspended at 38.95 euros per share. The GE business property unit said that if it obtains more than 95 percent of Sophia's shares it may delist the company. The sudden move topped SFL's bid of 38.50 euros per share for Sophia. Sophia expressed "surprise" at the rival bid and said it felt a certain "deception". SFL's plan to acquire Sophia, launched in late September, has received all the required authorizations. The two principal shareholders, French insurer AGF and French bank Societe Generale, had each pledged to give up their 27-percent stakes. Sophia declined to comment after the announcement of the GE Real Estate bid, in anticipation of a board meeting Monday afternoon. Olivier Piani, president of the GE unit, noted that the agreement between SFL and Sophia was conditional on the absence of another offer. "It was the open door" to up the ante, he said. Text and Picture Copyright © 2003 AFP. All other copyright © 2003 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.

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