OTHERS with smiles on their faces this time for being unsuccessful with a takeover bid are Martin Naughton and Lochlann Quinn, who flirted with a bid for the French appliances group, Moulinex, only to be beaten to the draw by a local group of investors.

Now the chickens seem to have come home to roost for the French buyers of Moulinex with losses of £90 million in the past year forcing a major rationalisation. Now Moulinex wants to cut 2,600 jobs a move that has led to conflict with the French industry ministry.

It's nice to lose out in a bidding battle sometimes.