The fourth quarter results bode the worst

In a period of restriction, better be among the first to come to the window. Several large groups working on projects to increase capital, Pierre-André de Chalendar, Saint-Gobain pattern, remembered by plunging the first. He was already in September, succeeded the reverse movement by launching a bond just before that this door then closes... What's more normal, after all, only the glazing specialist knows to slip through an open window He surprised the market by requesting funds which it is not an urgent need but this amateur mountain was probably correct to build a survival blanket. The fourth quarter results bode the worst. Most activities have suffered drops in sales ranging up to 10, the distribution has not played its role of damper and even emerging countries were disappointed with 0.6 growth. What anticipated cash flow requirements until the stimulus windfall empties... What also create, certainly to the chagrin of the direction of Saint-Gobain, a cruel dilemma for Wendel, its main shareholder, heavily indebted and already deprived of half of its dividends between to be dilute or return to the pot. At least 14 euros this operation allows a nice average down when its participation in cost him about 70. The glass broken.

The money will be the first

The same causes do not always produce the same effects. When the market applauds Lafarge piling sandbags in preparation for the storm, it enforces heavily Saint-Gobain who done the same. The effect of surprise, no and therefore positive in the first case, complete, and so negative in the second, obviously account for much of the epidermal reaction of fellows. But it says a lot also on the perception of the influence of the shareholders of reference. If the capital increase is limited to 1.5 billion euros in Lafarge, it is because the cement compensates by 1.6 billion internal efforts of reductions in costs and transfers resources to the concrete of its balance sheet. Nassef Sawiris and Albert brother are probably not for nothing in this new powerup of the company. Everything by conserving funds to its shareholders, his boss, Bruno Lafont, throws the mortgage of a prepayment of 17 billion euros of debt and removes lead yoke on stock market. Conversely, the Saint-Gobain operation is especially highlight the weakness of the margins of manoeuvre of Wendel, remained mutique on its participation. In both cases, the investment in securities which have respectively lost by GBL entry 49 and 66 reported in the cost of Wendel promises to be long term.

The cars of the Iron Lady

You need to know simply little. The shareholders of mining companies who see pass one after the other bad news cars did certainly hardly like those drawn by Anglo American. It is true that the judgment of the buyback of shares by the Fourth World Youth denies return $ 2.3 billion of cash and that the suspension of the payment of the dividend away probably at least 1 additional billion. But, by subtracting only $ 600 million more that these moneys to the market capitalization of Anglo American, in total a drop of 17, the City has limited his movement of mood. If anglo-sud-africain group has probably lost his reputation for caution, its horrors appear shallower than those of a Rio Tinto forced to entrust his fate to his Chinese client Chinalco or a Xstrata purposely shares with a discount of approximately 70. Cynthia Carroll, the iron lady at the head of Anglo American, which can still lift the foot on the investment or transfer of assets, has the means to prevent such setbacks to its shareholders.