So far, the bosses of weaker firms have typically resisted takeovers by telling their shareholders that the market is undervaluing their shares and that they will soon perk up.
Because the legal system and state agencies all stand on the side of state firms, private firms have little recourse to oppose government takeovers.
Commercial-bank takeovers of investment banks have a horrible history because of the stark cultural differences.
Politicians in both Europe and America continue to blanch at foreign takeovers.
EVER since Diageo was created 13 years ago through the mega-merger of two British drinks giants, Guinness and Grand Metropolitan, it has steered clear of big takeovers.
A number of proposed takeovers fell through over the summer, and in recent weeks pharmaceuticals magnate Francesco Angelini has publicly stated he remains interested in buying out Sensi.
Activists have also demanded revisions to articles of incorporation and the unwinding of recently established "poison pill" measures aimed at preventing hostile takeovers.