France’s blue-chip companies seem to be increasingly featuring on the menu of international private equity firms and activist investors, let alone French ones. This week it was the turn of Accor to grab the headlines after Colony Capital and its French partner Eurazeo confirmed they intended to raise their stake in the hotel group to 30 per cent.

Some months ago, Wendel invited itself into Saint-Gobain and has been gradually increasing its stake in the building materials group to more than 20 per cent. Last year, Colony with Bernard Arnault – the country’s richest man – moved into Carrefour. They have now become the giant retailer’s largest shareholder.