Compagnie Générale d'Industrie et de Participations (CGIP), a French venture capital firm, simultaneously sold an equity-linked bond and shares in Valeo, an auto parts producer, highlighting the trend towards combined offers.

BNP Paribas and Crédit Agricole Indosuez Lazard were joint bookrunners of the CGIP bond which is exchangeable into Valeo shares. Merrill Lynch muscled in as a joint bookrunner of the equity sale with two French banks, even though the US house was not named in the deal announcement.