France Telecom this week showed considerable courage by walking away from TeliaSonera. The two sides could not agree on a price and the French company refused to break its promise to investors on debt and dividends.

The question now is whether France Telecom’s activities will give ideas to management at another giant French utility – EDF. The state-controlled electricity group is in a standoff with its own big bid target – British Energy. So far EDF has ruled out increasing its price, which it considers to be a full and fair offer for the UK nuclear operator, and has also hinted it could eventually walk away.