BNP Paribas was one of the banks that led a E1.4bn equity sale for Jean-Marie Messier's Vivendi Universal last week as the media company reduced its holding in its utilities subsidiary.

There's nothing unusual in a French bank working on a deal for a French (or half-French) company. But the last time it led a straight equity sale for Vivendi was way back in July 1998. Surely it can only be pure coincidence that BNP Paribas led the sale in the same week as Dominique Hoenn, finance director at the French bank, joined Vivendi's board after the shock resignation of Bernaud Arnault, the luxury goods billionaire and owner of LVMH.