As posturing French politicians leapt to defend Danone amid rumours of a takeover bid from PepsiCo, another of France's "jewels" has been sold right under their noses.
Taittinger, one of the country's biggest champagne houses, should soon be bought by American hotel firm Starwood Capital for more than €2bn (£1.4bn).
However, while Starwood has signed an agreement to buy Taittinger, it is only really interested in the French firm's hotels, which make up 70 per cent of its sales. Starwood is set to become the second biggest hotel chain in Europe from the deal.
Both Anne-Claire Taittinger, director of Taittinger, and Starwood have indicated that the champagne house does not have a home with the American firm in the long-term.
This has sparked a flurry of speculation about who might relieve Starwood of the burden of Taittinger's champagne.
Among those mentioned in recent days was Pernod Ricard. The French giant recently paved its way to become the biggest wine and spirits group in the world by bagging Allied Domecq, but comes up short in the champagne sector.
And, according to reports in both the UK and French press, Pernod has been interested in buying Taittinger off Starwood all along. The Financial Times valued Taittinger champagne at €400-500m.
Whoever buys it, however, the move will still provide another example of the drinks industry consolidating in the face of tough market conditions.
Global market leader Diageo recently announced it would up its focus on cost savings and price increases to relieve pressure on margins. Pernod Ricard also claimed its acquisition of Allied Domecq could save €300m (£200m) across the two businesses.
A recent report by Goldman Sachs said the pace of drinks industry consolidation was creeping up. Diageo alone has spent £700m in acquisitions over the last six months, and would spend another £520m if it carries out a deal with Pernod to buy the Bushmills and Montana brands.
This consolidation should improve the climate for price increases to help margins and also shows how some food and drink firms are swallowing more and more rivals to find new avenues for sales and combat price pressures from increasingly global retailers.
Goldman said larger competitors in the drinks sector had a vested interest in driving up brand equity and pricing power. "This is an industry that, for all its buoyant volume background, is lacking in pricing opportunities to deliver gross margin expansion."