The French have always known how to shop - and in the past few months French chief executives have been clocking up the air-miles on a global shopping spree. During the first quarter, overseas acquisitions by French companies dominated the French M&A scene, with five multi-billion euro bids announced valued at a combined total of nearly €30bn ($28bn).

Cap Gemini, the French systems and consulting business, topped the €12bn mark with its acquisition of Ernst & Young's consulting business in March, on which it was advised by Lazard. Alcatel, the French technology giant, snapped up Newbridge Networks in Canada for €7bn, and Havas bought Snyder Communications in the US in a €2bn deal. Lafarge and Saint Gobain are currently locked in hostile bid battles respectively for Blue Circle and Meyer International, the UK buildings materials companies.