Table: Why Europe's Shareholders Are Up In Arms

THE CHARGES                                      WHO'S TARGETED
      CORPORATE     Banks and companies hold large     Deutsche Bank-Daimler Benz,
      INCEST        passive stakes in one another      Suez-Banque Nationale de
                    and sit on each other's boards,    Paris-UAP
                    giving managers little incentive        
                    to boost shareholder value      
      MINORITY      In mergers, minority shareholders  Marz Group, LaFarge-Coppee,
      ABUSES        often get no offer at all or       Lagardre Groupe, Societe 
                    a lower price than majority        Generale
                    shareholders do
      PRIVATE       Bosses have named family           Danone, Pinault-Printemps-     
      FIEFDOMS      members as successors, renamed     Redoute, Lagardre,
                    companies after themselves,        Laura Ashley, Mediobanca
                    and arranged deals to benefit 
      LACK OF       Company statements hide major      Gemina, Daimler Benz,
      TRANSPARENCY  problems, from underfunded         Banco Espaol de Credito
                    pensions to financial irregularities
      UNEVEN        Forget one share, one vote--       Danone, Elf Aquitaine,
      VOTING RIGHTS longtime and inside shareholders   RWE, Investor
                    often get better voting rights  
                    than individual shareholders