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July 11, 1997updated 05 Sep 2016 1:05pm

CAP GEMINI BUYS BACK 24% STAKE FROM DEBIS

By CBR Staff Writer

French software company Cap Gemini Sogeti SA is buying the 24.4% stake in its own shares owned by Daimler-Benz AG subsidiary Debis for 1.4bn marks ($794m). And French holding company CGIP immediately stepped in and increased its holding in Cap Gemini from 20% to 30%. Debis bought the shareholding in 1995 as part of a plan to create a pan-European services company but now wants to pull out because it disagrees with future strategy. As part of the deal, Cap Gemini will return its 19.6% holding in Debis subsidiary Debis Systemhaus AG. Why Debis think the company is going wrong is difficult to fathom as Cap Gemini’s first half results shows revenue up 40% to 9.3bn francs ($1.563bn) while net profits leapt by 261% to 220m francs ($36.9m). For the year as a whole, the company forecasts an 80% rise in net profits to 500m francs ($84m). The company says one of the main reason for its improved performance is the integration of management consulting activities through Gemini Consulting and Bossard, which accounts for 13% of revenue.

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