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April 17, 1988

CAP GEMINI SHOWS ITS HAND AS CAP WINS APPROVAL FOR SEMACAP, RESPONDS FROSTILY

By CBR Staff Writer

Cap Gemini Sogeti SA finally ended all the speculation over the identity of the dawn raider who swooped in and landed 14.9% of CAP Group Plc’s equity 10 days ago by owning up on Friday to what most in the City already assumed. On the same day, CAP Group shareholders formally approved the proposed merger with Sema Metra SA that will create Semacap SA, and CAP put out a frosty statement saying that it did not welcome a significant shareholding by Cap Gemini Sogeti, adding that it regards their unwillingness to declare their identity for a week after initiating a dawn raid as being in conflict with their assertion that their approach is friendly and supportive. For its part, Cap Gemini had earlier put out a rather disingenuous statement opening In order to avoid any false interpretation of its attitude and intentions, Cap Gemini Sogeti confirms that the suggestions doing the rounds over the past few days are correct, and that it has bought 14.9%… of CAP. It recalls the fact that its own birth came about by the merger of the UK company’s former CAP Europe unit with Gemini and Sogeti in 1975, and hints at future collaboration. It says that it does not intend to launch a full bid for CAP unless an outsider makes a move for it that would affect the Europeanness of the proposed new company – indeed it says that it made its move to protect CAP from alien predators and welcomes the merger with Sema Metra. CAP for its part says that the two have been vigorous competitors in the past, and that it has no intention of creating any close relationship with Cap Gemini Sogeti.

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