French politics

Impotence is a terrible thing. Hence, the agonising in Paris over Enel’s interest in making a break-up bid for Suez. Coming hard on the heels of Mittal Steel’s hostile bid for Arcelor, the Italian utility’s strong-arm tactics seemingly confirm the state’s worst fears: that once it was clear that it had no power to block takeovers - as now seems to be the case with Arcelor - the shooting season would begin in earnest. Paris will therefore be tempted to use means fair or foul to block this deal. M...