The rating agency FITCH IBCA (French group FIMALAC SA; turnover of EUR 169.3 million in 1999) has launcched a friendly public takeover bid on DUFF & PHELPS CREDIT RATING (turnover of USD 92 million with 320 employees), the world's fourth biggest credit rating agency. FITCH IBCA is offering USD 100 per share, valuing DUFF & PHELPS at USD 528 million. If the deal succeeds, the new venture will have annual turnover of USD 260 million with 1,100 employees.