By Ron Coates, 21 May 2001 12:54
NEWS The company's French services operations, with a turnover of $394m, are to go to Caravelle and Axa Private Equity for an undisclosed cash sum. The rest of the European operations, covering 12 countries, are to go to French information services group Steria in an all-share deal that will give Bull a 15 per cent holding in Steria. Bull announced last November that it would be disposing of assets as it struggles to become profitable. Last December it said it would axe 10 per cent of its 18,000 staff by the middle of next year. In February, Bull sold its CP8 smartcard business to oil field technology company Schlumberger for $325m. Steria employs 5,000 and has an annual turnover of $437m.
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