I was loaded but the elevator was blocked2 of women executives against 15 in 2002Proximity coupled with easy turns into proxilitéFrance it becomes contractor by necessity not by opportunityThe ABF is also required in the backedup areasFor him several conditions are necessaryBut its implementation will require some investmentPay strategy coupled with a carrier image Adie is operational balance in 2011 and its financial balance in 2013 If there is a gap it is a gap in the law he saidThe timing was perfect! Is in any case the comment inspired, in part of the management professionals, the increases in capital of BNP Paribas, to finance the acquisition of BNL, Société Générale, which is thus provides the means to invest in the East, but also of Credit Agricole, which continues to expand in Italy, and Dexia, to complete the buyout of the Turkish Bank Denizbank. By after Roman Boscher, Director of the management shares in Groupama Asset Management, "these capital increases carried out with a reactivity which was until then most characteristic lines of credit." This approach, which is finally to turn quickly to the market with specific projects, leads the minority shareholders to pronounce implicitly on the growth strategy. Thus, it pushes companies greater selectivity in external growth insofar as they are exposed to an immediate penalty if acquisitions are badly perceived by the market. This system, which use more insurers but also banks, is satisfactory to all parties. The minority shareholder to win visibility. And rated actors call the capital water, depending on their needs, to optimize their performance as "private equity" funds. 
Romain Boscher further notes that these capital increases have not questioned the current remuneration of shareholders: not only the dividends have been maintained, but BNP Paribas has even continued its share buyback program. If this practice is the other, as is a party less paradoxical in absolute terms since she returned, "This apparent anomaly has the merit of establishing a clear distinction between the"recurrent", on which these companies are committed through coupons, and the"exceptional"by appealing to the market for growth projects clearly delimited.". "Then again, this approach will in the sense of a greater visibility for the shareholder", approuvet - it.
Among the interviewed managers, others share this analysis, the image of Emmanuel Soupre, responsible of the French actions in Neuflize OBC Asset Management. "For the minority shareholder, this approach provides a better understanding of the cost of capital, the remuneration of the capital invested and the duration of investment necessary to achieve its investment objectives, added." In this, it is an expression of the evolution of corporate governance. But this form of financial optimization shows any as far as the return on investment that requires the market are more and more high and is quickly assented to a bad use of capital.
The lessons of 2002
This perfect chronology gives to the procedures for all of the listed companies Managers are not as fast work. They emphasize particularly that market as well allowed operations with broader goals. But they also emphasize the fact that this practice is not generalizable to any rating. Among others, in oligopolistic industries, acquisitions are generally smaller in size and require no appeal to the market, without that the confidence of the minority shareholders to be tainted. "The limit of this system is actually the fact that it cannot be applied to operations of a certain magnitude, cost induced and logistics of a capital increase involving a critical size", nuance Romain Boscher.
In the immediate future, managers consider that these capital increases are especially light on the financial perspectives. "They show that the sector, particularly insurance companies, drew lessons from the events of 2002, judge Dominique Sabassier, Director of management at Natexis Asset Management. In the reversal of the equity markets, a vicious circle was initiated: deteriorating their reserves and, to the fears of investors, calls to the market is operating in difficult conditions, that increase the effects of dilution for shareholders and the prices of these securities. Currently, even if these companies improve their reserves with the good markets, therefore they prefer to use the market to avoid falling in similar situations. These operations are also rather easy to conduct: the liquidity is abundant and shareholders are willing to accompany external growth operations are quickly relutives where taken into account of profits of acquired companies is greater than the costs of financing.
However, as noted by Stéphane Cadieu, responsible for the management actions in Federal Finance, this multiplication of capital in the financial stock can be regarded as a mixed signal. "These operations were carried out with specific objectives, but in some cases raised amounts are higher than the price of the acquisition, which can mean that the financial offer from now means to ensure their future growth in anticipation of less favourable financing conditions." This strategy would also be relevant as it would allow them not only to prevent rollover of equity markets, but also to win market share at the appropriate time, when the valuations of their competitors will be corrected.
