Provimi, the French animal feeds company in which CVC and PAI bought a controlling stake last year, has retained its listing after minority shareholders declined the mandatory offer for their shares.

This leaves the private equity firms in the unusual situation of controlling a public company. CVC and PAI bought a 54% stake in Provimi from Edison, the Italian electricity company, for €186m ($196m) in 2002. The change in control and French stock market regulations obliged them to make an offer for the remaining shares in the company, and they duly complied in late December.