It doesn't attract flies with vinegar. In proposing to the shareholders of Elior redeem their securities at EUR 13.40 per share, Robert Zolade made a delicate bet. Noting that Elior course reached in November 2005 that its level of EUR 11 introduction, dating from 2000, the pattern of the number three global catering concluded that the stock market was unable to enjoy his company at its fair value. By offering a premium small on this amount, this gourmet associated with British funds appears to have concocted a dish whose "minority" would that have stock while Holding Bercy investment can feast once they will be gone. One of the criteria that enable HBI noted the bad judgment of the market is indeed that Elior turnover grew by 55 and its net profit of 152 in five years then the course languished. With a premium of 20, it is clear that the account is not there. This is perhaps why the course is is long stalled yesterday slightly above the proposed price, as if many investors had now become aware of the true potential of Elior and preferred to remain at table.
Double snub to Serono
180 Degrees turns sometimes give whirling disease to passengers. This is what has come to the minority shareholders of Serono. The decision of the Bertarelli family, which controls the European leader in biotechnology, to convey him losing a session stock gains for five months in view of this assignment. It is true that the Swiss group is today fully cantilever. The absence of buyers at a satisfactory price offers first highlighted its stock market overvaluation. Worse, to break this strategic deadlock, the champion of the treatment of multiple sclerosis has no other outcome than to go on the offensive by important to reduce the weight of the "rebif" in its sales. However, to achieve this, Serono has need to launch a capital increase of several billion euros. This might lead shareholders to pay a widow of the amount of their current participation, otherwise they would dilute half! An alternative that there is nothing exciting but appears nevertheless as the last chance given the lack of new products in the pipeline of Serono. The condemned, or strengthening, to pace and marginalising its competitors.
Troubled waters
Do as everyone is not always enough. Market giving 25 of Southern Water, Veolia works in appearance on the footsteps of Bouygues and Suez, who were disengaged in their time, The French champion also ahead of the German leader RWE, which intends to do the same in a few months. But, by removing 300 to 400 million euros of the operation while its debt exceeds 13 billion, the group led by Henri Proglio is to make a financial gesture also significant than that done previously by French peers. Bouygues has, since then, placed all of its forces in telecoms and Suez put overdrive in energy, Veolia, world number one of water, hardly display a clear strategy. Water, which represents 35 of the sales and 50 of the current operational result of the group, remains by far his first profession. The withdrawal of the United Kingdom would therefore more sense if it was offset by reinforcements elsewhere. But, aware of the problem to the point of demonstrating a certain interest in the foreign assets of Suez in the environment, Veolia has not been at his logic. Abandoning Enel in open country, he left to others the opportunity to recover, where appropriate, the active juicy in question.
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