Brief History of the B.S.N.

This article describes B.S.N's vain attempt from December 1968 to January 1969 to takeover Saint-Gobain . The hostile bid was unprecedented in French Economical history, not only for the size of the offer but also for the use of Convertible Bonds. B.S.N.'s bid stemmed from the diversity of Saint-Gobain's shareholders and the poor performance of its share price. However, Saint-Gobain's reaction was equally unprecedented. A vigorous campaign was undertaken in the business press to rectify its tarnished image and shareholders were invited to visit the company in order to consolidate their cultural identity. B.S.N.'s own communication policy failed and the use of convertible bonds was not appreciated. Indeed, Saint Gobain's share price did not fall sufficiently during the bid to entice shareholders to take advantage of B.S.N's proposals