The following statement was issued by ailing French computer firm Bull on Wednesday 3 January, regarding the proposed sale of its CP8 smart card division to local rival Schlumberger for Eur300-400 million:
"Bull announces that it has granted exclusivity to Schlumberger for negotiating the acquisition of Bull's smart cards activities (Bull CP8).
"This exclusivity was granted on the basis of a firm and binding offer from Schlumberger, which was received as a result of an auction process conducted by Bull's investment bankers.
"The finalisation of the transaction between Bull and Schlumberger is conditioned upon concluding the information-consultation process with the workers' councils of Bull, Bull CP8 and Schlumberger in accordance with French rules, upon the successful outcome of the current negotiations and upon obtaining customary authorisations."