Jean LeonettiThere are large on the heartThe other two proposals to impose themselves9 million and by collecting 16 billion eurosStill to agree on the duration of the stayAlso a European quality label was createdMore than 3700 active patents is not nothingThe Housing Ministry follows closely the subjectExports of wines excluding Champagne grew by 12It must also embark on the Internet on the TVThe Spanish group which already holds 29It does not interrupt a winning series. With some expected that Wendel investment before a pause, simply to accompany the external growth of subsidiaries rather than launching in new online acquisitions. But after the success of the reintroduction in scholarship of Legrand and the excellent home made for the purchase of Materis, the last big operation which is barely concluded, why stop in so good way The context is doubly favour the maintenance of a pace of initiatives. On the one hand the debt remains easy to lift in very good condition, and even the purchase of American Deutsch will not exhaust capacity of Wendel investment capital. The other fellows are currently great confidence to the team of Jean-Bernard Lafonta, to identify beautiful non-listed business to which they would not have access, and to instill greater ambition and effectiveness they are the first beneficiaries. Of course, the President of the Executive Board of Wendel crossed the Atlantic and ventured out of his usual areas of intervention. But the links of his new recruit with sectors, such as oil exploitation, Wendel know very well, should reassure. And after a multiplication of the Wendel course by more than three in three years, the real risk was that the market would say that subsequently could wait.
Bulky submissions
The bursting of the high-tech bubble five years ago has not finished disrupt investors. Their dislike of the former stars of the "new economy" remains intact. Of all the values of the CAC 40, STMicroelectronics is the only, with France Telecom, whose course is in decline over three years, in the case of 25, while Meanwhile the index rebounded to 75! More significant, despite expected sharp rise this year and especially in 2007 results, the number one European electronic components ratios are far from reflect this anticipation: there are ten companies of the CAC 40 ratio price/earnings per share 2007 is higher than that of STMicro, including also classical as l ' Oréal titlesAccor, Veolia or Danone. The publication of the results of the first quarter of 2006 has confirmed the pattern of previous appointments: even when better figures that expected, investors simply taking action, without buying yet positive forecasts for future quarters. The only likely to get the title of this track initiative would be a withdrawal more or less total memory activity, the less profitable and more volatile. But as German Infineon appears later on the same project, it first it passes the Act to determine under what conditions this output is practicable.
Hidden Arcelor Treasury
One hundred days after the announcement of his project of public offer on Arcelor, Mittal Steel is still not in a position to formally file. Offset of 15 days every two weeks, the OPES arlésienne is now promised for mid-May. However, the shareholders have no reason to complain about these setbacks. Because, as time passes, most leaders of the Luxembourg group imagine new sweets to attract them. Certainly, it is regrettable that it took the intervention unsolicited third party that Arcelor discovers how it had resources that can be sent to shareholders without affecting its development projects. If investors can thank Lakshmi Mittal for this, the important thing is that the management of Arcelor can demonstrate that this generosity, sales in billions of euros, is not to drain the group to its shareholders in the short term. And that it falls to a rebalancing of the distribution of surpluses that promotes them without insulting the future. This yardstick, it is clear that the price offered by Mittal is very remote from the actual value of Arcelor. And with regard to offer mainly paper, there is no reason that this is the principal shareholder of Mittal who appropriates this difference.
