With Cap Gemini Sogeti SA sitting on some 20% of the equity of Sema Group Plc, and desultorily buying more on weakness, look for plenty of hyping of Sema shares over the coming months on the hope of a bid – but pay no attention to them: the Sema share register is tightly locked up in friendly hands with Paribas holding 40%, the UK Coal Board Pension Fund 6% and other French interests with sizable stakes, notably Credit Agricole and Schneider SA taking the solid shareholding over the 50% mark; Cap Gemini may well be hoping that the whole thing will fall apart, but that seems unlikely, and all that is left for the big French systems house is to sit on its holding, buy on weakness, and hope to sell out at a handsome profit when the operating performance looks better.
