D e such mechanisms are counterproductiveParadoxically companies are struggling to find recruitsCan to make photograph but not to installChoisy urban renewal project is particularly extensiveAt this stage it is the subject of no prosecutionBercy nor the Ministry of SMEs are in sales at the reporting stage mail hotline etcAnd the Department lost Sunday energy and of the sea issuesA decision on appeal is expected tomorrowon TF1 France 2 and Canal for approximately a thirty hourBHP Billiton chose to give up. The mining giant, which saw its hostile bid of 39 billion on Potash blocked temporarily by the Minister of Industry Canada earlier this month, chose not to wait until the deadline - December 3 - to make representations or take new commitments. Convince the Canada this operation could bring him a "net benefit" he would have asked new harmful concessions. However, by promising to keep the jobs of BHP Billiton on the Toronto Stock Exchange, to stay five years in the Canadian distribution organisation Canpotex and abandon tax benefits and guarantees various taxes paid to the province and the Federal State, the world's leading iron ore seemed already exhausted all its ammunition. Also, to turn the page and use the cash, he decided to revive a $ 13 billion share buyback program frozen in 2007 while it launched a takeover bid on rival Rio Tinto. Remains it to buy securities for $ 4.2 billion.
This failure can only leave indelible traces on BHP Billiton. It is the third consecutive time that the Anglo-Australian giant must renounce an acquisition of a large scale. In 2008, he could buy his main rival and fellow countryman, Rio Tinto. And there is little, his project of joint venture with Rio Tinto in Australia iron ore was arrested for regulatory issues.
From a financial point of view, the impact is not negligible. BHP Billiton will have to register in its accounts a $ 350 million charge related to Potash, including 250 million for a credit of $ 45 billion.
What options to BHP Billiton now The General Assembly, which takes place this morning, will be an opportunity for shareholders to request accounts to Marius Kloppers, CEO, and question him about the prospects. So far, he always preferred the large external growth operations, to diversify its activities or simply to increase its assets. BHP Billiton confirmed wanting to develop its Jansen, Saskatchewan potash project, province of origin of Potash, and devote the anticipated $ 450 million.
Large war chests
For Citi, Treasury of war analysts of group is such that it has the ability both to invest 15 billion euros in its mines, to spend between 5 and 10 billion to buy back its own titles and spend between 5 and 10 billion dollars in external growth. And this, by maintaining a solid financial structure. Deutsche Securities refers to targets of US companies for oil exploration as Cobalt International Energy (market capitalization of $ 3.7 billion) or Noble Energy ($14.5 billion).
In reviewing its ambitions downward acquisition, BHP Billiton is probably more likely to carry out an operation to an end. If this kind of blocking by economic patriotism is not unprecedented, it is still rare in the countries of the free trade. Twenty-five years, the Canada had rejected a single bid, that of an American designer of satellites MacDonald Dettwitler in 2008. In the United States, in 2005, all means were implemented to dam CNOOC, the Chinese oil company, who had brought his vest on Unocal, seventh American oil company. Americans had even been vote by the Senate an amendment to the new energy Act imposing a moratorium on four months to allow the Congress to study the Chinese energy policy to the offer of CNOOC to continue.
