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Investment: An A-Z Guide by Philip Ryland

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Pac-man defence

A tactic used by a company’s management when facing a hostile takeover bid from another company. It comprises countering with a takeover bid for the original aggressor. The tactic is named after a video game of the 1980s in which all characters have to swallow their opponent or be consumed themselves.

Pari passu

Literally, with equal ranking. A phrase used in corporate documents to indicate that new shares issued by a company carry the same rights over income and assets as existing shares.

Paris Bourse

The Paris stock exchange, which drove the creation of EURONEXT in 2000 through the merger of the Paris, Brussels and Amsterdam stock exchanges. Paris is the most important of the three. At the end of November ...

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