In late February 1929, Bernard Natan acquired the production and exhibition businesses of Pathé, then the largest French motion picture company. He agreed to merge his own studio, Rapid Film (then worth 25 million francs), with Pathé in exchange for 50 million francs in shares. The remaining shares were purchased with funding from a consortium of banks, bonds (to be paid with income from Pathé), and a 10 percent ownership in Pathé by the banks. After the merger, Natan renamed the company Pathé-Natan (sometimes also credited as Pathé-Cinéma).