Business Notes Denationalization

When conservative Jacques Chirac became Premier of France in March, the heads of the country's state-owned corporations knew that their days at the helm could be numbered. Chirac had pledged that he would carry out a sweeping program of denationalization. Observed an executive at a government-controlled bank: "Rather fewer decisions have been made lately. There's no sense in crawling out on a limb that you know is going to be sawed off."

Last week Chirac ended the suspense: he replaced the heads of twelve large banks, insurance companies and industrial groups. These firms are among 65 that he hopes to sell to private investors. The Premier apparently believes that new management will help the companies make a smooth break with the state.