7 compared to the parity of 3115 proposed

Back to school the opportunity to return to fundamental learning, investors can remember a simple arithmetic: a benefit which, like that of Air Liquide, increases every year by 10, double in seven years. In the light of the sharp decline yesterday hosted its first-half results, Air Liquide is in will never finished to demonstrate that this mechanical is both outstanding and timely. It is true that its earnings per share, an increase of 9, below its habits, but this is due to a transient derives from the number of shares. More seriously, it is legitimate only on the eve of his title as world leader in industrial gases to the German Linde, loop the buyout of British Oxygen, the French group raises a few questions, as its course is in its earlier history and its valuation ratios are clearly those of a leader. Given the degree of global concentration of the sector, Air Liquide can no longer grow by acquisitions: his pace now depends on its only projects, contracts and innovation capabilities. It is a unique position in the history of the group often played on two tables, especially in a Linde has before him the benefits of the integration of BOC and the advantage of less strained ratios. But it is also a great opportunity to find stimulation of the challenger.

Final cessation

Lucidity is the beginning of wisdom, messages that multiplies Bill Ford to convince his troops that the automaker is at the end of its model cannot be that well received outside. Since its low hit on July 18, the course of Ford has rebounded from 33 as and to the extent that its President seemed not only to work on a new restructuring of its industrial facilities in the United States, but open to "strategic options" until then set aside. As far as possible divestiture of brands such as Jaguar and Aston Martin, investors have registered will reintroduce blood nine in the staff, or even to look for in an external partner lever of a revival. Evolution more significant that stock market speculation, debt issued by Ford are also a greater appreciation for a month, then the Group has not lifted the decisive taboo which would be to partly divest its subsidiary credit. General Motors initiated the movement for his own, which will release the necessary resources for its recovery, while avoiding that its very bad parent signature contaminates the profitable activities only in the United States. And not be seen as an admission of weakness, this cessation to a source of profits and dividends crédibilisé willingness to neglect no means of escape.

Commedia dell'arte

Disgruntled shareholders who type the fist on the table, a Spanish and a French that hidden, a pattern which is camped on its position... The marriage of Banca Intesa and Sanpaolo IMI began to resemble a commedia dell'arte somewhat agreed scenario. As in any marriage to Italian, it is therefore normal that the amount of the dowry is disputed, particularly when all the Congregation invited to betrothal supports the slingers. Crinkle eyebrows in full ceremony on parity of merger of two banks, the Compagnia di San Paolo, first shareholder of Sanpaolo IMI, does that say out loud what the market think all lower since the announcement of the operation: Banca Intesa pays not the fair price of Sanpaolo IMI, which will provide two thirds of the expected merger synergies. The award recognizes not least time and therefore money, that would save Intesa Sanpaolo restructuring. In the course of yesterday, the market appears ready to settle for parity a little less than 3.2 shares for 1 Sanpaolo Intesa, then that the calculation of the "fair value" of the two titles by the consensus of the place the would logically between 3.2 and 3.3. Either a little additional effort of 2.7 compared to the parity of 3,115 proposed. It would be a pity that, if, the end is not happy.