Agf, Ifil In White-Knight Bid For Worms

French insurer AGF and Italys IFIL, controlled by the Agnelli family, on Monday launched a friendly counter-bid for financial holding Worms and Cie, to fend off a hostile approach from Francois Pinaults Artemis. IFILs Someal unit already has 19.87 percent of the Worms capital while AGF has 7.22 percent. The bid offers 1,820 francs and two new AGF shares, plus a certificate of guaranteed value on the AGF stock price, for five Worms and Cie shares, the French bourse watchdog CMF said in a statement. The certificate gives the holder the right to compensation from AGF if the share price falls below 270 francs in the year 2000, with a 60 franc per share ceiling on the amount paid. It also offers 669 francs per Worms seven percent convertible bond issued in 1992.