My job is they tell the well in good rhythmNew flexibility in the Caisse d'Epargne groupThe first of them is the shortage of waterThe sanction was immediate the action lost 5000 tonnes per year in addition to the 265A way of marrying tradition and modernityIt therefore decides to cool the buildingWhere there are uniforms there are burrsThe rally was of short duration for the rugbySpecial dishes and a menu is planned from 25The concentration of a sector is generally introduces greater discipline of prices. At least, failing to be involved, that could hope a year ago the shareholders of Oberthur Card Systems, number three world of smart cards, when was announced the marriage between the numbers one and two, Gemplus and Axalto. The reverse has occurred. The year 2006 has been record in volumes for all manufacturers, in particular of cards GSM, but stable turnover, so bloody for the margins. The stock market valuation of Oberthur reflects this market share war damage: it has decreased by more than 30 over a year, 14 points higher than that of Gemalto, new name of the leader. Since then, Oberthur attempts to find oxygen by selecting its niches for development, accelerate the relocation of its productions and by buying a microspécialistes new market. A strategy which will have its merits if Gemalto, much more powerful R & d, consents to Depressurize before that its competitors report package. The unexpected removal of the Director General, Pierre Barberis, indicated to scholars that the situation was rather train deteriorate. The problem of his successor and family Savare, principal shareholder of Oberthur, will be especially to discern whether there is an alternative.
Weather anomaly
When the fellows decided that it will rain, no need to force them to see the corners of blue sky. Day R & D that Novartis yesterday, a quite rare to be awaited, appointment is normally an opportunity to remove misunderstandings and areas of shade on a budget of more than $ 5 billion on more than 100 products in development and often considered one of the strongest in the industry. First, investors seem to have learned that data mixed on the comparative effectiveness of Galvus, a new treatment for diabetes. Their reaction was predictable, that the course of Novartis had already suffered greatly, fifteen days of the announcement of a period of three months ago in the procedure for the approval of this drug in the United States. The setbacks is real. There that is missing some 10, or 20 billion Swiss francs in its stock value from mid-November, there is a clear lack of sense of proportion, especially for a group that has two other blockbusters ready for the next few months and which is, moreover, one of the less exposed in its sector to the generic risk. The Novartis title partly lost the small premium enjoyed prior to the episode Galvus. Even if it is darker in the markets these days, the anomaly should be noted.
The large air
Champion of wind energy, Iberdrola, understood any party could make an opening on large offshore. Offering a very good price for Scottish Power, the number two Iberian electricity is a double transformation. On the one hand, it becomes a truly international group through 58 84 previously of its turnover and of its results in Spain for 29 to United Kingdom, 10 in Latin America and 3 in North America. Allowing him to escape the guardianship of the shaded Spanish authorities in favour of a more open for future "national" operation Brussels On the other hand, paying EUR 9 billion in cash and 8.1 in titles, which makes the acquisition of Scottish Power financially bearable, Iberdrola will increase its capital by 22. This will dilute the suffocating admiration that he is the first shareholder, ACS. Wishing to get married to Unión Fenosa, which has 35, ACS wanted to move from 10 to 20 in Iberdrola to be the undisputed Godfather of the future group. It will be less than 8 and should spend much more than expected to reign as master in a future together Iberdrola-Unión Fenosa. Marriages between national champions, appear in Spain as in France, much longer and difficult to realize that some might think.
