The only normal thing about the battle for VNU has been the level of rhetoric from both sides. Rejections of private equity approaches are often accompanied by a glowing picture of the target’s prospects. In contrast, VNU’s management welcomed the Valcon consortium and underlined the uncertain outlook for the business.

This unusual and messy situation appears closer to a resolution – and one in which most parties can claim some sort of victory. The consortium, by raising its bid by €0.75 to €29.50 a share and lowering the acceptance threshold to 80 per cent, has greatly improved its chances of success. Templeton, with a 14.7 per cent stake, has given its approval, while Fidelity, with a similar stake, is considering its options. Add in hedge-fund investors and the deal starts to look do-able. Knight Vinke, the activist fund manager, still opposes the bid, but only holds 1.2 per cent.