Executive Life talks break down, but informal contacts continue
AFP, December, 2003
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PARIS (AFP) — Talks between French businessman Francois Pinault and US prosecutors to settle a legal row over the contested takeover of a California insurer by French bank Credit Lyonnais have broken down, a source close to the negotiations told AFP.
"The negotiations to include Artemis (Pinault's holding group) into a global accord between the French and US legal authorities failed at around 0000 GMT Tuesday," the source said Tuesday.
But he added that informal contacts were continuing in Los Angeles between French government officials and US prosecutors in a bid to break the deadlock by 1600 GMT.
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Pinault and US prosecutors had been trying to reach a deal by a 0100 GMT Tuesday deadline over allegations that Credit Lyonnais, then state-owned, illegally concealed its 1993 acquisition of the failed California insurance company Executive Life.
At the time US law barred a bank from holding more than 25 percent ...
