6 billion for Italian yet barely 10 larger

It takes at least two to interact. Since that became public the proposed acquisition of Scania by MAN, all the protagonists are remained locked in their monologue. First shareholder of the two great names of weight heavy but occupied by problems of its own staff and shareholders, Volkswagen has so far spoken in a vacuum, without commits between MAN and Scania friendly discussion he required before any offensive action. For its part, MAN yesterday filed an offer which superbly ignores all objections raised by those whose approval is necessary. She remains hostile and at the same price, already deemed unacceptable by Scania and the family Wallenberg, his second shareholder. It deals with undifferentiated how rich or poor actions in voting rights. It makes no reference to Volkswagen to include its Brazilian subsidiary in the European alliance. What is that, even if Scania is formally required to consider the offer of MAN, the Swedish group has every reason to persist in a little credible refusal on the merits but to save time. Investors seem to have found meaning in this game of postures: the courts of all the protagonists are at their top. As if, whatever the final schema, could that reveal a value until then hidden.

The delay of Technip

It is not enough that the price of oil settled on heights so that the values related to enrich their shareholders. Even after 3 points higher yesterday, the course of Technip has progressed to 0.8 this year and 10 over a year, there where his the most comparable competitor, Saipem, a subsidiary of the Eni group, saw his win 42 and 63. The delay reflects the credibility problem appeared with the "profit warnings" issued in 2005 and 2006 by the oil engineering group, on the basis of former contracts completed without benefits. It also measures the theoretical potential of rebound of the title, on the condition that the new generation of contracts is actually more profitable. Even in progress, the operational margin of Technip remains almost twice lower than that of Saipem, and it is the main reason for its poor stock market valuation: 5.5 billion euros of funding against 8.6 billion for Italian, yet barely 10 larger. In view of the four or five years to the oil sector to rebuild its capacity for production, refining and petrochemical, Technip has a priori good visibility forward. But, as long as its President, Daniel Valot, polls by previous misunderstandings, formula not forecast does progress beyond the fiscal year, the market will not precipitate to fill delay.

The virtues of the balance

Meet the equilibria can transform constraints into advantages. The delicate marriage Caisses d'Epargne and Banques Populaires is the illustration. In view of the mutual nature of the two groups, the approximation has focused on large banks. However, to attract investors, the new Natixis, based on the schema opened by Credit Agricole, includes a panorama which gives him the stature of a true Bank Group well balanced activities. With holdings of 20 in each, the two networks and plants products housed at Natixis side group will be 38 of its outcome in retail banking. A level equivalent to that will generate the funding and investment bank. The balance will come from the management of assets where Bank Charles Milhaud and Philippe Dupont will play roles. A failure to be as good a position in the business bank, Natixis is benefit from the strong positions of Natexis in funding and Ixis in markets. What address delays of one and the other by play synergies to offer a wider range of products to customers. If the integration of teams goes as planned, the group will then carry out international development which will allow him to move to the level of his peers to really play in the Court of the great.