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Technology Stocks : Smart Cards

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To: Eric L who wrote (310)	1/20/2001 4:50:41 PM
From: Eric L	of 343

>> Bull Sees CP8 Sale to Schlumberger by Early March PARIS Jan 20 Reuters Financially troubled French computer group Bull expects talks to sell its CP8 smart card unit to U.S. firm Schlumberger (nyse: SLB) to be wrapped up by early March, French daily Le Figaro reported on Saturday. David Levy, head of the CP8 division, told the newspaper that the talks with Schlumberger were exclusive and brushed off a suggestion Bull could sell CP8 to a pool of banks or investors who could then sell it on to the U.S. firm. "There will be no financial portage. We have held exclusive negotiations and the takeover plan must now be discussed with employees. The operation should be wrapped up towards the end of February or the start of March," Levy was quoted as saying. Loss-making Bull said earlier this month it was in talks to sell CP8 to Schlumberger as part of a restructuring to turn it back to profit, and hoped to get 300-400 million euros for it. Levy said the price would be announced if and when the deal was finalised, adding that CP8's patents were hard to evaluate. "In just one year we have taken eight percent of the market in smart cards for GSM mobile phones. All handset makers use our patents," he said. He added that around a dozen companies had been interested in buying CP8, which accounts for around five percent of Bull's turnover and has been valued as high as 500 million euros in media reports. << - Eric -

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