And offering E535 million for a company with over E800m in cash reserves seems like a desparate attempt to get cash.
Bid was for €750M and as for cash reserves !!!!! Have you actually read the EI Balance sheet as its reserves are nothing like €800M after you take its short term liabilities out.
Negative cash flow in 1st half year and given the massive pay off to employees in 2nd half year its another negative cash flow unless they decide to pay in 2009, either way they paying it.
Now it gets even worse as when rates good you could put money in banks and get a decent return but that ceased to exist a while ago so even that route is gone.