Potential Smart-Card Sale

Schlumberger, Ltd. is discussing the acquisition of the smart-card unit of Group Bull SA. Bull is a French firm and Schlumberger is a French-American technology-service firm that is already one of the top smart-card makers. The binding offer by Bull is valued at between $285 million and $380 million. Analysts expect the acquisition will be completed by the end of March. Under French law, the acquisition must be presented to the employee representatives of Group Bull for consultation.

The smart-card market has been expanding rapidly in Europe and is dominated by European firms. However, Motorola Inc., NEC Corp., and France Telecom SA each own 16.1 percent of Bull's common stock. In addition, the French government owns 16.1 percent and Dal Nippon Printing, 5.3 percent.