With it people start to look at our rangeNot with the price of a barrel of oil boomA position however began to be challengedOn a topic to all skids an exemplary film a rare intensityBartabas Christian Lacroix and Catherine DeneuveIt is that Philippe Baudillon love out of the boxThe French energy Bill 2007 is lower than that of 2006 45Their first motivation is always understanding interlocutors to multiple originsMalignant signed Starck décor and addition palaceVenice is one of the preferred of our compatriotsThe coexistence of public and private logic in the same company continued to produce unintended consequences. If be sure that a Prime Minister at the end of mandate signs Decree paving the way for its privatisation, gas of France of a decisive step on the path of normalization as a publicly traded company. The 62 increase in its dividend, which could not only receive the endorsement of the State, its main shareholder, goes beyond what the market expected and faster that what had been announced in the introduction on the stock exchange. The fact is even more notable that a second half already marked by the mildness of the weather reduced the contribution of the exploration-production industry, and that the first half of this year will probably suffer the same effect, with result a cash-less flamboyant benefit. Even if it remains consistent with the practice of the energy sector, gas of France dividend highlights a rate of distribution of the profits higher than that of Suez, the possible future partner. It, however, announced in the wake of its own results in very strong growth in both a program of buyback of shares in the short term and an ambitious budget of investment by 2010. Gas of France is to play the performance where Suez intends to seduce mainly by its growth, it is also quite unexpected.
The resilience of Plastic Omnium
Investors had enjoyed the first half of 2006 of Plastic Omnium. They disliked the full year. It is true that the automotive OEM promised "a progression of all profitability indicators", and it ends on a slight degradation of its operating margin that bad effect. Being primarily due to the environment division, weakened by a strong increase in raw materials, and very enhanced R & D spending, this proves that the motor activities continue to demonstrate a remarkable resilience in the depressed sector context. The quality of management also reads in a faster debt reduction than expected. This presents the Burelle family in a position to conduct group front its investment capacity in the "low cost" countries and acquisitions that would reduce the cyclical nature of its offers. In the meantime, the production of Plastic Omnium customers will be in retreat in 2007. And the anticipation of a rebound that would only happen late 2007 or early 2008 was not such as to excite its shareholders. These consolation in recalling that since four years, their title grew twice as fast as the SBF 120 and nearly four times more than that of Valeo.
The way of flexibility
If judo, means way of flexibility, it is also an art where, unlike boxing, can strike an opponent to the ground. But it can still avoid and recover. Charles Prince is to learn it at the expense of the shareholders of Citigroup. Having taken advantage of the accounting errors that lead to the radiation of Nikko Cordial of the rating, the American Bank had made an offer to purchase cheap. It was followed by the Board of Directors, but not by large shareholders American and Canadian of Nikko, more imperialist as the subjects of the emperor. The authorities of the Kabuto-Cho who finally decided that the faults of Nikko did not deserve a withdrawal, Citigroup has decided to increase its offer to 26. But one which has targeted too just found in door to false. Having found a week ago, Nikko was worth no more than 1350 yen per share and the now considering to 1,700 yen, Charles Prince demonstrated flexibility of belief which can only strengthen the Nikko main shareholders in their intransigence. They evaluate the broker to 2,000 yen per title, quite reasonable, since fairly close to the valuation criteria applied to the leader Nomura. Therefore, Citigroup will probably make a new effort that Prince is the tatami successfully.
