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October 23, 1995

TRADING IN BULL SHARES RESUMES IN PARIS AFTER 11-MONTH SUSPENSION

By CBR Staff Writer

Shares in Compagnie des Machines Bull SA, which have been suspended since November 23 last year, resumed trading on the Paris Bourse on Friday. The company also reported that its nine-month net attributable loss shrank to the equivalent of $176m from $448m, and reiterated that it expected to break even this year. Turnover in the nine months fell 11% to $3,563m. Bull also said employees and and former employees over-subscribed the shares reserved for them by 1.93 times, and that its board approved a contract between the industrial shareholders and management. Under the terms, management is required to try to meet three objectives by the end of 1997 – sales growth, per share profit gains and a stock price increase – and invest a sum equal to 1% of equity at the 11.04 franc per share offer price set in the first stage of the group’s privatisation. If the objectives are met, NEC and Motorola may sell a corresponding number of shares.

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