P.M. BRIEFING : France Blocks Pathe Takeover
France’s finance minister today blocked a bid by Giancarlo Parretti to take full control of Pathe Cinema, one of France’s leading film groups, as the Italian financier’s shadowy financial past came back to haunt him.
In blocking the Pathe takeover, the French Finance Ministry said it was invoking its rights to oppose any deal that threatens public order. It did not elaborate.
Finance Minister Pierre Beregovoy’s decision came only hours before Parretti was due to close his thrice-postponed $1.2-billion bid for the Hollywood studio MGM/UA Communications Co., maker of “Rain Man” and James Bond films.
Pathe said the French action will not affect the MGM deal but said it is extending the completion of the tender to June 22.
Parretti already owns about 46.8% of Pathe Cinema and he was offering $166 per share to buy out its majority shareholder, Banque Rivaud, which has a 52% stake.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
