The French web agency Fi System has desisted from taking control of Resco, a Swedish integrator of ERP, which was redeployed on Internet projects. Yesterday in the morning, the board Resco announced he could not recommend that shareholders tender their shares to the public exchange offer launched by the French internet consultant. Shareholders owning more than Resco 10% of the capital, including Fidelity, have also indicated they no longer wished to participate in the operation. In the aftermath, Fi System formally withdrew its proposed exchange offer to 187 million euros (value at the announcement of the transaction, September 11). The French Internet consultant claims to have taken this decision with Resco..

Both groups are bent to the law of financial markets that currently penalize all agencies Web bluntly, first in the United States but also in Europe. A reconciliation later Fi System has increased from 48 to 22.51 euros and Resco of 39.5 to 21 kronor. Both groups will continue to work together and do not preclude re-discuss an approximation later.

They were certainly changed their point of view as the criterion of the critical size is crucial in the area. Still, analysts expect a rebound yesterday Fi System today. The financial community is now hoping that Fi System, which should be beneficial from December or January next year and whose sales are expected to 60 million in 2000 (against 100 million with Resco), will continue despite all its acquisitions. An announcement is expected in late October on the Italian market.

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