In a bid to prevent US domination in the consumer goods internet marketplace four of Europe's largest companies are raising a E70m ($60m), the Financial Times reported yesterday. The alliance, known as CPGmarket.com, is approaching European corporate investors for a private placing of shares in the exchange, which is aimed at the European consumer goods market. Founder members - Nestle and Danone of Switzerland, Henkel, the German food and chemical group, and SAP, the German software company - have already invested E30m. A total of E70m is needed to carry it through to profitability, which it forecasts in 2003. According to the Financial Times, CPGmarket.com is trying to move quickly to compete with a rival US-headquartered exchange, Transora.com. The latter has signed up 49 companies including Unilever, the Anglo-Dutch group, Procter & Gamble and the US arm of Nestle, and secured a funding commitment of $250m. TheCPGmarket.com exchange is due to go live next month.
