No French exception

When it comes to cross-border deal-making, it seems there is one rule for the French and one rule for everybody else. While the French political establishment is publicly vowing to defend Danone, the French food group, from a possible hostile bid from PepsiCo, two of France’s leading companies – France Télécom and Saint Gobain – are eagerly embarking on foreign shopping sprees of their own. If France is guilty of double standards, it is hardly the first time. The country has a history of defend...