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As expected, Saint-Gobain began the process of IPO of its subsidiary Verallia the second quarter of this year. On Tuesday, the maker of glass bottles has confirmed that he filed with the bousières its core document, the first step to joining the Paris Bourse. No timetable is available for the following events.

Saint-Gobain, one of its major competitors Irish CRH, announced in October 2010 its intention to financial markets a minor part of its glass packaging business, which employs nearly 15,000 employees, produces 25 billion bottles and jars a year, and who made last year a turnover of 3.6 billion euros.

The French group intends to sell the subsidiary for several years because he does not longer considered a strategic activity in view of his refocusing on the habitat, but the demerger proposal had been suspended because of the economic crisis.

Volatility does not discourage small companies

Yet, for several months, the volatility and uncertainty in the markets in Paris have rejected more than one company. Examples: the placing on the market by 20% of Canal +, the giant Danish ISS cleaning or German shipowner Hapag-Lloyd went to the door. Groupama him, was postponed to 2012, as Veolia, Transdev. But despite all calls to markets by small companies have worked, as was the case with Tekka group (dental implants), Jemini (licensed products for children), and Biosynex (diagnostic medical tests).

"The French, chilly when it comes to major operations and less hardy than the Anglo-Saxons and Germans, however, are well positioned for this type of highly specialized companies," said Cedric Chaboud, director of institutional management in Lazard Freres Gestion. He cites the many operations that took place last year (37 transactions, for approximately EUR 100 million raised) in the image of the iconic Carmat (developer of artificial heart) in July.

Compared to large transactions that want to raise many important capital investors, these deals are less vulnerable to the economic environment."They are aimed at a much smaller customer groups and risks of a hostile reception from the market are limited," explains Franklin Pichard, director of Barclays stock.

Large operations snubbed, divisions favorite

If the classic introductions may scare investors, not to divisions that currently have the wind in their sails. They allow companies to streamline operations and reduce the market discount related to their holding company status, "said Cedric Chaboud.

After the success earlier this year of "spin-off made by ArcelorMittal, which separated from its branch stainless steel Aperam, other operations will follow. Including Carrefour, which has offered its shareholders a demerger of Dia 100% and 25% of Carrefour Property.

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"This is another step," said Chris Viehbacher, CEO of Sanofi-Aventis Business on BFM on Monday morning. A month and a half after formalized the acquisition of U.S. biotech Genzyme, the pharmaceutical company announced on Monday morning having met 84.6% stake in its target (number of shares), after the close of the offer on April 1.

For late or indecisive, Sanofi-Aventis has announced the reopening for four days after the offer of 74 dollars per share, beginning this Monday, April 4 and April 7, 2011 Termier at midnight, Paris time. With this announcement, Sanofi-Aventis loop thus one of the most difficult acquisitions in its history. More than eight months of stock market battle will have been necessary to convince the board of directors of Genzyme.

End of an eight-month battle Market

More than the interest of the reconciliation, Henri Termeer, Genzyme's CEO questioned the price offered by the French, hoping to raise up the auction. A successful challenge, the champion tricolor pharmacy having finally sold, raising its offer from 69 to 74 dollars per share, together with a certificate of conditional value (TRC).It could reach 14 dollars per share based on sales performance of Cerezyme and Fabrazyme, two major products of Genzyme, which has experienced serious production problems, but especially those of Lemtrada, developed an anticancer drug against multiple sclerosis, and could become a future blockbuster (drug of over one billion euros in annual sales) no faxing 1 hour payday loans.

So it's a big step forward for Sanofi-Aventis, which has just spent over $ 20.1 billion to afford the latest nuggets still independent of biotechnology. And this redemption, the laboratory with one stone two birds, reinforcing both in biotech, where despite efforts in recent years, he remained behind. In addition, Sanofi-Aventis is increasing in rare diseases, where it was virtually absent.

Preserve the culture of Genzyme

"This operation is Sanofi-Aventis the world leader in biotechnology, alongside our leadership position in vaccines, has also said Chris Viehbacher Business on BFM this morning. For if the French had been dethroned in 2010 by GlaxoSmithKline in the sector, it still aims to double its sales of vaccines for the period 2008-2014, to bring them to more than 5.7 billion euros.

In the meantime, the acquisition strategy very offensive Viehbacher crisis should be put in parenthesis, the leader now want to concentrate on the restructuring of research and development. A crucial step in integration, when we know that the corporate culture of biotechnology in particular is one of the key success factors.The rush too hastily would then lose to Sanofi-Aventis which is the productivity of research teams of its target.

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Details should be announced in the morning. On Monday morning at Air France, no information was available regarding the new rates mentioned in Liberation by the company for the repatriation of the French blocked in Japan since the earthquake.

Ever since France, like many countries – Great Britain, Luxembourg, U.S., etc. .- recommended that its nationals to depart from Tokyo because of the nuclear risk, prices of air tickets have skyrocketed in . On the Internet, numerous reports of prohibitive tariffs.Inflation, which partly explained by the booking systems, the famous cost and yield that allows transportation companies to manage the price based on supply and demand drive.

15,000 euros for a return ticket

Some passengers complained of an escalation of tickets and even spoke up to 15,000 euros! If the company was talking to a computer error and assured on Sunday that tickets were still available for 2000 euros, "the normal price for a last minute reservation on a journey so long," a gesture of Air France would be welcome.

Especially as the demand remains strong. On Monday, the Air France website, no flight from Tokyo to Paris was available before Wednesday, and one way was charged just over 3000 euros.Information confirmed by the Embassy of France, who advises people wishing to leave the country to search for flights to other Asian capitals.

As for departures from France to Japan, the union president of French tour operators CETO, Rene-Marc Chikli, said they were pushed back until next Sunday. Each tour operator must implement its own policy on refunds or exchange tickets.

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Cancellations will travel faster than the revolutions themselves Arab. While the wind blows still timidly revolt in the Middle East, several of them noted a sharp drop in hotel bookings.

Jordan in particular, several sources said that cancellations had reached 50%. A tour operator confirms that in 3000 tourists who booked a trip in the coming months, 1200 had already annulled. Jean-Francois Rial, CEO of Voyageurs du Monde, a leading tour operator in France, also referred 50% of cancellations to the country. This situation is particularly worrying for a local economy where tourism represents 14% of GDP, with a turnover estimated at one billion dollars in 2010.

Syria is no exception.Ghassan Chahine, owner of Naya Tours agency in Damascus, said he registered 35-40% cancellations for peak tourist season which runs from March to May, mainly by Europeans. The Syrian Minister of Tourism Saadallah Agha al-Qala, has been forced to revise downward its objectives: "We do not expect an increase of over 11% to 12% of the number of tourists" against an average annual growth of 15% since the early 2000s.

"All in the same bag"

Tourism professionals in the Middle East denounced the confusion in the minds of Western tourists. "They are influenced by media coverage and put all countries in the Middle East in the same bag, do not differentiate one country from another," said Nabulsi Touhami, office of tourism in Jordan. Tourists have canceled their trips to all Arab countries. "

Jean-Francois Rial, "people are more worried about what might happen in other countries than those where the revolution is over. Is that King Abdullah will not jump, do as the king of Morocco does not have a problem, as Hu Jintao? ". Ghassan Chahine agrees: "People tend to think that the revolts are taking place across the region."

Hopes

Despite their concerns, industry professionals want to believe in an imminent improvement in the situation. "The perception of people change very quickly. It does not take much time before the booking for a country not resume, "says Sean Tipton of the Association of British tour operators.

Until the fears subside, tour operators could, like the Maghreb, betting promotions.Marmara, the leading destination Tunisia is already seeing the success of its offer a "pay for a given": "We found in March the level of bookings last year, with 8000 departures scheduled within a month," explained Le Figaro Florian Vighier, its director general.

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If this hand a little in every sense on tax reform – the removal of the shield and the reform of the ISF – "is that we have great ideas. Sunday invited Grand Jury RTL-LCI-Le Figaro ", the Minister of Economy has expressed that he prefers: taxing income from property rather than the stock. But Christine Lagarde outlined above reframed the debate. Because of the ISF, abandoned by most of the neighboring countries of France, "of course he has people who are leaving … We must be stopped to create an illusion that tax." "There is a requirement of fair taxation, fiscal balance and prioritize investment to remain a country of innovation," she insisted.

Alignment with Germany

Therefore, is "we struggle against the excesses of the ISF, or we invent a new tax of Heritage". A conference to be held March 3, "prune a few branches."In other words, the meeting will put some order in the proposals that go all-out on the subject. The next day, the Court of Auditors will report on the Franco-German comparison, "which will work to harmonize with our neighbor, friend and rival."

On the issue of public finances, the Minister of Economy has been very strong. "We need strict discipline to keep the goals of deficit reduction." France has pledged that the deficit reached 6% this year, 4.2% in 2012 and finally 3% in 2013. Recalling that the process of non-replacement of staff on two retiring continued and government spending (excluding interest expense of debt and pensions) were frozen, Christine Lagarde nonetheless argued that "if must take additional steps to meet our commitments, we will! ".While saying he was "no question of a general increase of taxes."

The minister has in any case more than ever on a 2% growth this year. "I am very firm on my prediction," she said – certainly to the attention of some experts who find this figure too ambitious. Based on the confidence indices in industry and in services, "I am confident that growth in the first quarter 2011 will be significantly higher than the last quarter of 2010 (which did not exceed 0.3%, a figure which had disappointed). Finally, the Minister of the Economy "hopes to below the 4 million unemployed this year."

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The CAC 40 was never able to really take off on Thursday. Nevertheless, the benchmark index of the Paris Stock Exchange, which closed yesterday in the green, continues to progress slowly but surely. So much so that it has exceeded its highest in April. At closing, he won 0.30% to 4061.34 points. The London Stock Exchange ahead of his side of 0.27% and the Dax in Frankfurt at 0.52%.

Caution remained high after several indicators were published in the day.In France, first of all, the consumer sentiment, which had plunged in December after three months of improvement, was still somewhat degraded in January, the new indicator that summarizes the point in having lost 85 points, according INSEE.

The same applies to the entire euro zone economic sentiment decreased slightly in January, higher morale, industry leaders did not offset the increased consumer gloom in the light of figures released on Thursday the Commission European.Also note, the demand for credit companies, encouraged by the economic recovery, increased in late 2010 in the euro zone for the second consecutive quarter in two years, announced Thursday the European Central Bank (ECB) .

Then the United States, the Department of Labor has identified 454,000 unemployment claims (against 403,000 the previous week).

The Commerce Department reported a 2.5% decline in durable goods orders, after falling 0.1% in November. Analysts on average expected a rebound of 1.5%.

Promises of home sales rose 2.0% in December, while analysts had forecast an increase of 1.0%. In one year, the December index stood at 93.7, against 97.8 in December 2009, a decrease of 4.2%.

Note that the side of the currency, the euro surpassed $ 1.37 Wednesday, while the greenback was mistreated after the speech by the Fed. The single currency has even touched 1.3722 dollars, the highest since late November 2010.On Thursday morning, the European currency remains slightly above the 1.37 dollars at 1.3704 dollars (+0.04%).

Several turnover expected

Carrefour – 0.51% to 33.90 euros

The title Carrefour retreated Thursday morning at the Paris Stock Exchange, while the group will have to pay fines in China after having misled its customers about the price, which could harm the image of the dispenser very present in the country.

Lafarge: -2.22% to 44.99 euros

The title of the cement was affected by several cuts of recommendation from managers who link including high exposure group to Egypt.

Aperam: + 6.02% to 31.7 euros.

Fruit of the division of stainless steels, Arcelor Mittal, Aperam continues to generate interest in the wake of its first listing and pending its release CAC 40 after the close Monday payday loans online.

Plastic Omnium: + 1.31% to 58.10 euros

The group on Thursday issued an annual turnover up 32.2% to 3.25 billion euros, supported by sales of its branch "car" (+37.9% to 2.78 billion euros) and its branch "environment" (+6.2% to 471.6 million). Plastic Omnium said it expects 2010 earnings of "strong growth".

Sanofi Aventis: -0.45% to 51.17 euros

The CEO said Termeer GenzymeHenri unlikely that Sanofi-Aventis appealing directly to the shareholders of the U.S. biotech while discussions between the two of them are making progress.Sanofi-Aventis has extended again until February 15 under the same terms is $ 18.5 billion in total, its offer to buy U.S. biotech group.

Essilor: + 0.47% to 48.39 euros

The world leader in ophthalmic lenses has signed eight partnerships in the world for a total of 40 million euros, with a "major" in Brazil, he says in a statement Thursday.In this country, "the group has taken stakes in Embrapol Sul, located in the Paraná region and achieving about 9.3 million euros in turnover in Tecnolens (Bahia, 7.3 million euros) and Farol (Rio Grande do Sul, 7.2 million euros). "

Technip: + 3.15% to 71.49 euros

The group announced an investment project, unencrypted, to strengthen its capacity to manufacture flexible pipes in Brazil to produce larger volumes and high-tech products.

Fimalac: + 1.13% to 31.35 euros

The group has published a consolidated turnover of the first quarter 2010-2011 of 169.3 million euros (+20.2% on a reported basis and 5.6% on a comparable basis).After capital reduction for Lucien Barriere, Fimalac said that he will own 40% of Lucien Barrière, for a purchase price of 186 million euros.

Vivendi: -0.21% to 21.72 euros

The operator GVT Telecom, a subsidiary of French media and telecommunications Vivendi said on Wednesday 760 million euros of investments in Brazil in 2011, to finance its development in the country.

Lagardère: -0.95% to 33.87 euros

The group has signed a new multi-currency syndicated loan of 1.6 billion euros in five years, to cover the general needs of the business. It replaces the previous syndicated loan signed in 2005 to 2.2 billion euros.

In today's schedule, Beneteau present its perspectives. After market, Vinci will unveil its 2010 sales, Areva will report its earnings for the fourth quarter, as JCDecaux and Boiron.

European shares continued to rise on Tuesday in a market that is still optimistic about the global economic situation and health companies. In Paris, after changing course several times in Tuesday morning, the CAC 40 ended the day on a small rise of 0.39% to 3916.03 points. For its part, the Dax in Frankfurt Stock Exchange loose 0.21% to 6975.35 points. London, closed on Monday, recorded a recovery of the session yesterday and jumped 1.93% to 6013.87 points.

On the foreign exchange market, the euro lost ground against the dollar.At the close in Paris, the euro declined to 1.3319 dollars against 1.3356 dollars on the previous evening.

Consumer confidence deteriorated

Investors are based on several indicators to position themselves:

Consumer confidence in France worsened in December, the indicator that the measure has lost three points from November to -36, well below its long-term average (-19).

Inflation accelerated in December in the euro zone to 2.2% yoy, exceeding the 2% monitored by the European Central Bank for the first time since November 2008, according to a first estimate Tuesday of the Office EU Eurostat statistics.

United States, orders to U.S. industry rose against all expectations of 0.7% in November, after a sharp decline from 0.7% in October.

Also note, the budget minister Baroin told France Inter radio on Tuesday that he had "every reason to believe" that France would respect its growth forecast of 2% for 2011.

Carrefour supported by a recommendation

Carrefour: + 1.34% to 32.48 euros

The stock has posted the largest increase in the CAC 40 for much of the session, supported by Bank of America-Merrill Lynch, which fell to the purchase. Brokers believe that Carrefour should see sales of its hypermarkets improve in France following its plan relance'Carrefour Planet. The action ends the day on a leap of 1.34% to 32.48 euros.

Edenred: + 4.05% to 18.62 euros

Edenred said in a statement it had acquired Euroticket fourth operator Romanian meal vouchers and gift certificates, $ 5.5 million.

Hermes: + 0.86% at 158.65 euros, LVMH: -2.58% to 121.63 euros

In an interview with La Tribune, Fabrice Remon, a partner with consultancy Deminor, LVMH calls for transparency and denounces the support of "friendly hands" of the luxury giant, which it said accounted for 2% to 3% of free float.

Furthermore, the AMF announced Thursday it would consider waiver of bid submitted by Hermes.

BNP Paribas: + 1.35% to 50 euros

According to Bloomberg, BNP Paribas has frozen the listing of two investment funds in response to requests "significant" redemption, not only for technical reasons related to the transfer of management.

Poweo: + 6.22% to 4.27 euros

Poweo waives its LNG terminal Antifer, Seine-Maritime, according to Les Echos on Tuesday. The alternative operator of electricity has missed the deadline of January 2 to confirm availability of land planned for building the terminal.

Bouygues: -0.91% to 32.64 euros, Vinci: -0.71% to 41.42 euros

The construction sector is surrounded, after the iconic Real president Florentino Perez said he wanted his group carried out from 2011 ACS, 50% of its turnover abroad, against 30.1 % in 2010.The group also announced that it held 30.34% of German Hochtief after its takeover offer.

EADS: + 0.82% to 17.93 euros

easyJet has converted purchase options to firm orders 15 A320s and took options for 33 additional aircraft of the same model to the European aircraft manufacturer Airbus (EADS).

GDF Suez: + 1.08% to 27.59 euros

GDF Suez could open to other shareholders of its subsidiary GRTgaz transport gas to finance new investments without increasing its debt, according to Le Figaro.

Renault: + 1.95% to 44.94 euros, Peugeot: + 2.08% to 29.98 euros

Registrations of new cars in France are expected to decline by at least 10% this year with the final abolition of the scrapping, as estimated by Renault and Peugeot interviewed by The Tribune on Tuesday.

ArcelorMittal: -2.39% to 37.56 euros

The board of directors of Baffinland Iron Mines reaffirmed its recommendation to reject the bid, reviewed, Nunavut Iron. The board said the offer ArcelorMittal remained the most attractive to shareholders Baffinland.

The new Box Evolution of SFR, stronger and greener, starts with a bang. Launched Nov. 16, she won 35,000 customers in just two weeks. The group thus takes the lead, while Free is also soon launch its new box, and arrive on the mobile market in 2012.

"The feedback on the various forums and the lifts are excellent customer service, SFR is really writing a new chapter in its history, said Olivier du Besset, marketing director at fixed SFR.

Any white Neufbox Evolution has a size reduced by 40% and reduced consumption by 30%.It is sold with a new decoder, which offers a completely redesigned interface for navigating on the TV, hard drive and a remote radio omnidirectional.

The offer "Neufbox Evolution" is distributed to 34.90 euros per month for ADSL and 39.90 for the fiber optic (high speed). For those who are already customers for mobile SFR, Neufbox Evolution receives a discount of 5 euros each month. The offer "triple play" currently at 29.90 euros for its part continues to exist, the President of SFR, Frank Esser, wishing that "two parallel lines."

SFR, which is leading the race for several quarters for the conquest of internet subscribers, claims 91,000 new customers in the third quarter, and "intends to continue to occupy a market share exceeding 30%," according to its commercial director consumer group, Frank Cadoret.

Without surprise, Jean-Paul Delevoye was Tuesday elected president of the Economic, Environmental and Social Committee (EESC), a position which he was sole candidate.

Hours before the official announcement of his election, he President of mutuality French, Jean-Pierre Davant, announced that he would not be a candidate. In a press very hard, he denounced the "political instrumentalization been" this institution supposed to represent the constituent bodies.

"For example, the appointment of qualified persons appointed by the Council of Ministers, was marked by its extreme bias," he writes."A former minister, parliamentarians, municipal officials, the defeated candidates in various elections, employees of national and local elected officials, including President of the Republic (ed Raymond Soubie): there are more choices supporters! Representation of civil society has lost ground to the reclassification of part of politicians. "

Jean-Pierre Davant, who enjoyed only the mutual support and the CFDT has decided to withdraw before the vote, leaving the place free to Jean-Paul Delevoye, the only other candidate to come forward. At a press conference Tuesday morning, the president of MEDEF Laurence Parisot has publicly supported it.

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EDF did better than expected. The electrician has published a turnover up 9.5% to 52.9 billion euros during the first nine months of 2010. The analysts were not as high as they expected a sales increase of 8% to 52 billion euros.

Sales of the electrician were mainly supported by the acquisitions made in 2009, including that of the Belgian electricity provider SPE and the redemption of the nuclear activities of Constellation Energy. "The first nine months of 2010 have been particularly marked by higher electricity sales volumes and prices overall declining trend internationally," says management.

Sales figures carried by the exchange

The activity is also progressing with a favorable currency impact, due to the depreciation of the euro in a year, the company said.In fact, at constant scope and exchange rates, growth in turnover of the group amounted to only 3.8% payday loans. During the first nine months 2010, EDF has made 51% of its turnover outside France.

With these figures on business, the group confirmed its earnings targets for the whole year. EDF seeks organic growth of its gross operating income of between 3% and 5%. As for the dividend, it expects stability. The electrician said that the target ratio of net debt / EBITDA ratio is now close to 2.5 and EDF welcomes this ratio comes out as "an enhanced level compared to the original target of between 2.5 and 3.

Management expects for 2010 now also on an availability rate of its nuclear plants in France – critical to its profitability – close to 78.5%.In late July, EDF said it was an availability rate of between 78.5% and 79.5% for the full year.