The chief executive of Wendel, the Paris-listed alternative investment group, said his company would not do any buyouts for the next six months, choosing instead to invest in publicly-listed companies in a bid to avoid the credit crunch.

Jean-Bernard Lafonta,chief executive of Wendel, said yesterday: "As far as Wendel is concerned, there will be no buyout activity over the course of the next few quarters. The financing isn't there. Will there be sellers? That's not certain either."