Today’s long-awaited confirmation that nuclear power generator British Energy has fallen into French hands in a £12.5 billion deal is the latest blow to Scotland’s standing in the blue-chip league table.
The agreed takeover of the East Kilbride-based group follows the recent disappearance of ScottishPower and Scottish & Newcastle from the FTSE 100 index.
The former is now firmly in Spanish control, while Dutch brewer Heineken will be busy getting to grips with S&N’s diverse drinks portfolio
– everything from Newkie Brown to Strongbow.
Then, of course, there’s the seemingly imminent demise of Edinburgh-headquartered HBOS.
Yes, I know the Lloyds TSB swoop is far from a done deal, amid shareholder disquiet and talk of potential party crashing (on that score, neither is the EDF/British Energy tie-up signed, sealed and delivered, with regulatory and shareholder approval still outstanding).
But, taken together, the loss of four FTSE hard-hitters in less than two years could be seen as a sign of weakness among Corporate Scotland
– "come on down, everything is up for grabs if the price is right".
Which, like it or lump it, is the reality of being a business with your shares freely traded on a public exchange.
Besides, even without SP, S&N, HBOS and BE, the Footsie contains a fair splattering of tartan.
There’s Royal Bank of Scotland, Standard Life, Cairn Energy, Alliance Trust, Scottish & Southern Energy, FirstGroup and Wood Group to prop up the numbers. They will shortly be joined by transport operator Stagecoach when it re-enters the top flight.
Others nipping at the heels of the big boys include temporary power and refrigeration specialist Aggreko and engineering heavyweight Weir.
Clearly, Scotland can still punch its weight in the upper echelons of the London market.
Further down the size scale, and away from the (not so) bright lights of the City, other home-spun businesses prove that the takeover traffic is not all one way.
Witness Clyde Blowers’ recent stunning $1 billion pounce on Fortune 500 giant Textron.
Clyde’s acquisitive owner Jim McColl was rightly justified in hailing the takeover
– the biggest by a privately owned Scottish company in recent memory – as the "deal of the decade".
Most weeks, The Scotsman’s business pages will feature at least one enterprising Scots outfit dipping its toe into new waters.
Mighty oaks from little acorns grow, as the old proverb goes.
