Collateral damageRelying on its own forces

The games of power do not exclude industrial relevance. Denis Ranque, the pattern of Thales, has an obvious political interest in the agreement with Alcatel: it stabilizes an undecided shareholder and required by that even rival EADS to show white paw. A new dynamic opens for Thales, becoming the centre of gravity of the consolidation of the civil and military electronics French. Some consider, prima facie, that retrieve unprofitable satellite activities, it is not a gift. But space became necessary in defense issues. And financially, buy down cycle that it had sold at the top, it is instead played well, if one believes in roll-over activity. Thales had surrendered in 2001 its 49 of Alcatel Space for almost EUR 800 million. The 67 of Alcatel in Alcatel Alenia Space the joint venture with Finmecanicca are worth less today. Conversely, activity signalling railway, planned in the barda of Alcatel, displays a double-digit margin and a nice growth. It will complement the palette of services related to the security provided by Thales. Serge Tchuruk also could auction those assets which would be surely interested Alstom or others. But that is the problem of the shareholders of Alcatel.

Collateral damage

Relying on its own forces. With Lakshmi Mittal, Guy Dollé has been adopted this principle Maoists. This are not pressures Government nor the laws of circumstance which will alter the course of the hostile offer of Mittal Steel on Arcelor, and only import responses for the business itself. So far the European Group especially pleaded his industrial record. The salute from yesterday, more financial, will be more controversial, even if it first corrects flagrant error, pushing this year dividend to its normative level (30 of the profits). 5 Billion euros of refunds promised shareholders strike in the same sense, even stronger, since it is empty of substance component cash offer Mittal, already insufficient. The promotion of a Dofasco just purchased the rank of inalienable assets, without consultation with the shareholders, will be to twist the nose to the purists of the governance. But it is a field where Mittal has more lesson to take to give and it does not battle without collateral damage. The strategy of Arcelor is clearer. Not more push Mittal to revalue its offers, the risk that it will have to do so, but forcing it to withdraw, once of shortfalls in supplements of price, which the list is not yet exhaustive, the banks that Fund review their support. Arcelor shareholders were in all cases in three weeks a General Assembly, where for the last time (), they have the opportunity to express their opinion.

Retirement without shame

A withdrawal of Korea will not change the face of Carrefour or not the will to lose. With less than 2 of the turnover and a contribution almost zero results, the country on the other hand is part of many assets where the Group has dispersed energy and wasted capital for a long time. The assignment would reinvest in new markets such as China, the Indonesia, the Brazil and Poland, where Carrefour already has the critical size or can quickly reach it. It would also a concrete translation to the commitment made at the presentation of the 2005 results and which was much pleased investors: m2 in countries less than. It is the only way to arrive at a rate of 5 to 10 per year of sales growth expected for 2006-2008, and which is itself the main lever of profit increase, as Carrefour shall reinvest all its efficiency gains in prices to defend its market share. Since three months, the course of Carrefour is better oriented and less volatile as it did during the previous three years, sign the new discourse on this reasonable but profitable growth is hanging. The end of the Korean adventure and a few others could only confirm the good provisions.