Because when things affecting families, the file is always a bit more complicated. Saffron, which has shown since the July interest in the Zodiac Aerospace supplier, faces several shareholder and indecisive. And in a certain direction: when the merger proposal was made to Zodiac, its supervisory board, chaired by Olivier Zarrouati decided dryly "unanimously that there was no need to implement this proposal.

Saffron démord however.If the group led by Jean-Paul Herteman always excludes any hostile takeover Zodiac Aerospace, it should go in the coming days the decision to launch or not a bid, according to La Tribune on Monday. Saffron remains convinced of the relevance of such a rapprochement.

The stock market also seems to be convinced, as evidenced by the soaring shares in early July Zodiac: +25% in two weeks. The government, which holds 30% of the Zodiac, too, vote for it.Already, because Saffron has a good experience in mergers and acquisitions, but because this new entity would achieve industrial and technological progress and better respond to major clients such as Airbus and Boeing, who want to work with limited number of suppliers.

A Family Affair

The best way to Saffron convaicre recalcitrant shareholders Zodiac lies ultimately in the financial conditions of the proposal. It takes a high price, especially to put in his camp Domange family, which owns more than 10.5% of the capital. According to La Tribune e, the Peugeot family, she would agree.

The Tribune understands that Safran would be able to offer a significant premium of 30-40% compared to the current share price, which is 43.4 euros. The amount per share would be increased from 56.5 to 60 euros. Let her best historical levels.Saffron is also trying to explain to those shareholders that the merger could be accomplished through stock swaps to maintain the fiscal pact that exists at the Zodiac, which they are attached, as it allows for more than 6 million euros in savings in taxes on capital.

As soon as the bell rang at the Paris Stock Exchange on Monday morning, trading Zodiac Aerospace has been suspended for several minutes before the title is displayed up 13.65% to 49.28 euros, while the SBF 120 index rose 0.38%. A sign that the markets believe in this marriage.

Saffron is willing and able

The figures put forward by the business daily are considered credible by observers."The price mentioned by The Tribune is a surprise to anyone," Judge Pierre and Boucheny, Kepler Capital Markets.

Saffron could finance "no problem" such an offer, even cash, for a price that would reach "four billion euros, including debt redemption," said another analyst.

Saffron, merged in 2005 the engine manufacturer Snecma and Sagem, has also acquired other projects. He could well wrap the forthcoming resumption of the French public group SNPE in the propulsion of rockets and missiles.

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LE FIGARO. – Are you not preparing a tight budget?

Francis BAROIN. – When developing a budget, there must be serious and make sense. Our meeting last Friday about the president and prime minister had intended to make choices to reduce public spending in order to achieve the 6% deficit in late 2011. It is the cornerstone of our policy.Everything must work towards this goal: we have an obligation to return as quickly to deficit levels before the crisis. This is a critical issue for our economic growth. The debt and deficits are the major topics of concern of the French, and we must demonstrate our ability to reduce, which will restore their confidence in the future and encourage them to consume and invest in return.

Why have revised down growth for 2011, while the activity was better than expected in recent months?

Economic activity in the first half of 2010 was in line with our expectations, and we should finish the year with growth of 1.4% or even above. For 2011, we forecast a proactive and realistic.Aim for 2% growth, consistent with the OECD projection is proactive because it's better than 2010, but is also realistic because we must not forget that a recession ever went there and that all countries that have suffered will take time to erase the traces.

Are you worried about the credit ratings of France?

No. Over the past two years, it was vital to sustain economic activity by injecting public spending. The revival in France, was very well calculated, and I see that despite large deficits our country continues to borrow at historically low levels on the markets. This indicates that investors have confidence in us.They know we have great resources at our disposal such as a savings among the highest in Europe.

If growth is higher than expected this year, can we expect increased revenue for the State and Social Security?

The good news critical of the first term is the creation of 60,000 jobs. The recovery of the labor market is expected to generate about 2 billion of additional social security contributions. In mid-September, we'll do the exact point on this revenue to build the draft law on financing of Social Security in 2011 on a solid and sincere.

And for the state?

Tax revenues are in line with our expectations. This is particularly the case of corporation tax, which is a very positive signal. The crisis resulted in 2009 by a collapse of social security contributions and tax revenue. We go out.Any additional revenues from the economic forecasting will be fully allocated to deficit reduction.

Nicolas Sarkozy announced Friday a cut of 10 billion in tax and social niches. Is not that a tax increase in disguise?

Absolutely not. No one is forced to use a niche tax to reduce his tax: it is a personal decision. In contrast, a general increase in taxation would penalize everyone. There is no question of doing so. We will not increase taxes, whether VAT, income tax or corporation tax. It is a very political choice, which corresponds to the commitment made by Nicolas Sarkozy during the presidential campaign. To reduce deficits, we have decided to act primarily on the expenditure, including that which passes through structural reforms.In a country where public expenditure accounts for over half of national wealth, is where are the flexibilities consistent.

All the niches are not "chosen". Some tax cuts meet family responsibilities, to situations of handicap, disability, age. Will they be trimmed as well?

Similarly we have not touched the RSA and social minimum, the vulnerable population will be spared by the plane or the removal of niches. Family policy will also be preserved. But it is true that the reduction of niches is an exercise in subtle and difficult. Found 10 billion in savings over 75 billion tax and spending 45 billion on social niches represents a substantial effort. But necessary. For years, the niches have been the choice of the facility.Sometimes washed sand.

The movement of the plane there will be enough to keep your goal?

First, I note that we have actually a little less than 2 billion to find the niches. For decisions taken in the context of pension reform and the level of those to be on the Cades (Sinking Fund of the social debt) will yield a total of over 7 billion. And, of course, we will also with a plane that will reduce by 10% the tax advantage of a number of devices. But this is not the only tool used. Some niches will be deleted. Other tax cuts would be concentrated or have their revised calculation method. The idea is to share the effort between businesses and households. We make our decisions be final in mid-September.

Investors fear being heavily utilized.Are they right?

One of the successes of the French economy is the savings of its households. We will be very careful not to destabilize it. In general, we want to protect the purchasing power of the French.

How to pay off the debt that Social Security has widened during the crisis?

Along with bills of state finances and Social Security, this fall, I will defend an organic bill to Parliament which will define the terms of repayment of 35 billion debt to Social Security that we will transfer to Cades . This organic law proposes to extend the four-year life of Cades, which is currently scheduled for late 2021. We also will allocate 3.2 billion euros of additional resources each year to Cades to be learned from the reduction or elimination of certain niches.Finally, Cades benefit from the recovery of the pension reserve fund which it will draw some resources.

You will increase the margin tax on certain investments of life insurance or income from movable capital (bonds, shares …) to finance the Cades?

It is a trail to the study among others.

Some members of the majority will once again seek an increase in the DRES …

We expect this debate during the fall, which is legitimate. But by offering 10 billion euros in savings on tax and social niches, we will show members that we have the means to finance the Cades without having to raise the CRDS.

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Besides GDP, the U.S. will publish the index of consumer sentiment and Chicago PMI. In Europe, German retail sales and GDP of the area will also be published.

But it was the positive interpretation of the many important results published before opening behind the rating.

Publication Burst

Alcatel Lucent (6.38% to 2.20 euros) announces revenues of 3.813 billion euros in the second quarter.The group reiterated its outlook for 2010, including an adjusted operating income of between 1% and 5% of its revenues.

JCDecaux (+0.35% at 19.94 euros) on Friday announced a net profit in the first half of 65 million euros. The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge (-3% to 42.18 euros) has reported a sales increase of 2% to 4.43 billion euros in the second quarter. The company expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF (2.02% to 33.12 euros) announced a net income Group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations.The group, which should sell its UK electricity networks based on an enterprise value of over 5.5 billion pounds, has announced a delay of two years for his BDU Flamanville.

EADS (4.38% to 18.35 euros) announces a net profit in the first half of 185 million euros and a turnover of 20.3 billion euros.

Schneider Electric (2.51% to 88.57 euros) publishes a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second . In an interview with Le Figaro, Jean-Pascal Tricoire, CEO, set an improvement for the second part of the year.

Renault (+0.16% at 33.07 euros) issued a revenue increase of 23.1% for the first half like for like identical, to 19.668 billion euros. The constructor returns to the green with profits of 823 million euros.

The reaction of Peugeot (-0.80%) is observed.Still in the automotive industry, Michelin (0.62% to 59.72 euros) announced a net profit in the first half and said it expects a continued rebound in demand for tires in the second half of the year .

PPR (-0.24% to 102.10 euros) announced a net profit after minority interests rose 86.8% to 407 million euros in the first half.

Imerys (2.01% to 45.36 euros) has reported a net operating income rose sharply to 122 million euros in the first half with a turnover of organic growth of 16%.

Total (2.09% to 39.15 euros) announced adjusted net income for the second quarter of 3 billion euros, up 72%.

CNP Assurances (-1.12% to 15.92 euros) has issued a net increase of 8% to 542 million euros and a turnover of 17.697 million euros (+2.4%).

Rhodia (2.98% to 16.22 euros) raised again after its 2010 targets announced Friday results exceeded expectations in the second quarter.

Saint Gobain is optimistic

Saint-Gobain (+0.02% to 33.3 euros) has reported a strong rebound in its first half results, while confirming its target of strong growth in operating earnings in 2010.

Capgemini (-0.59% to 36.13 euros) has announced the acquisition of the Swedish IT services Skvader Systems. No financial details were disclosed.

Air Liquide (-0.75 to 85.45 euros ù) has announced the acquisition of the company Lion Copolymer Geismar American Services. No financial details were disclosed.

Euler Hermes (4.92% to 61.39 euros) has reported net profit more than doubled in the second quarter from the first and said he intended to maintain profitability in an environment more favorable macroeconomic that over the past two years.

Ingenico (3.68% to 19.15 euros) on Thursday posted a net profit increased more than two in the first half thanks to increased transactions in Europe and raised its sales target.

Alten (1.43% to 22.71 euros) has reported a slight improvement in activity in its sector in the first half. Turnover rose 2.7% to 450.9 million euros over the period.

Flo (0.65% to 4.63 euros) said that the activity in its restaurants had not yet regained the level that was hers before the crisis, despite the reduction in VAT.The turnover of the group stood in the first half rose 7.6%.

"It is in times of transition, summarized perhaps one at the Elysee. The real battle will take place from September. "The for Sarkozy are well aware that this first parliamentary stage was a formality. Not surprisingly, the debates have been looped smoothly."The Socialists have just wanted to make a coup by breaking the lock-in twitter discussions with their phone," is a counselor. What the left willingly admits. For now, she preferred surf the weakening of Labour Minister Caught in the case Bettencourt. Godsend for the Socialists, who are careful not to request his resignation.

Paradoxically, the majority seemed more worried by the progress of the case and its component Bettencourt Woerth that by the turn of the debate on pensions. "The left is going clubbing Woerth in September. He held up? "Wonders already a Minister. The Elysee hopes that the summer break will reduce the pressure. Nicolas Sarkozy and François Fillon reiterated that Eric Woerth defend indeed the text on Sept. 7. In other words, he will not be driven to resign by then."It is quiet because we know there is nothing in the record," says the Prime Minister.

"Everything will be decided in September. We are ready for battle. But it also depends on the mobilization in the streets, "says one seat in the PS. Clearly, the left hopes to build on part of the public. Even if the opponents and proponents of reform are divided into two shares more or less equal bad credit pay day loans.

Unions united

Unions, too, prepare to maturity. For September 7 will also be a new day of strikes and protests against the reform that SF has, once again, on Thursday asked the "withdrawal". In reality, most organizations do not believe and do not even dream to win concessions on key points, beginning with the postponement of the age to 62 years.However, they have not conceded the changes on other aspects of the text during the parliamentary debate.

They rely for that on the "pressure" of the street. Will they go over the two million demonstrators, after 1.9 million announced on the evening of the last day of action – successful – last June 24? Not easy to mobilize massively, just days after school starts. Therefore, the central plan to continue their campaign throughout the summer, beach tour in the CFDT distributed a booklet "educational" on reform and its "alternative" possible, the CGT.

The unions will have an advantage: their unity restored. Having refused to sign for months, FOR has joined its competitors, and the CFE-CGC has done the same.It is the only organization to accept the decline of legal age, but she believes that the conditions there pose – including a strong financial closure of the reform – are not met.

Faced with this united front, the government has chosen to keep the ballast drop. He has done at this stage, no specific proposals on issues which he is willing to develop: difficulty, and long careers polypensionnés.

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The U.S. president has sent a letter last week to warn his European counterparts against a premature withdrawal of stimulus policies. It will look this weekend at the G20 summit in Toronto, to convince its partners to soften their plans rigorously.

Wolfgang Schauble, the German finance minister, told him Thursday morning in an article signed for the Financial Times. "Germany knows its responsibility towards global growth," he told the British business daily."Our contribution will be through a role as an anchor of stablity and not digging the debt."

Unlike Bush, Trichet argued that "under present circumstances, policies inspiring confidence will strengthen and not hinder the economic recovery because trust is a key factor today." In this regard, we welcome the German example, "he added. Berlin has presented an austerity plan of 80 billion euros over four years. Italy, following his example, is on the right path, according to the president of the ECB.

The ECB estimates that the eurozone is "within an environment (…) unusually high uncertainty" as stated by Jean-Claude Trichet during his last press conference, June 10"The degree of uncertainty and the level of growth is not writing, it also depends on us." And so, in part, plans rigor that should reassure markets.

However, the billionaire investor George Soros has spoken out against the plans of rigor at a conference on the euro in Berlin, Wednesday evening. They provoke a cycle of deflation (falling prices and slow growth) which will endanger the European project, by the American. A threat that does not believe Jean-Claude Trichet: "I do not think that such risks could materialize, inflation is well anchored."

The European Central Bank has revised down growth for 2011 in early June, as many economists believe that consumption will be greatly diminished because of plans to reduce deficits.The ECB now expects growth in a range very wide ranging from 0.2% to 2.2%, against 0.5% to 2.5% previously estimated.

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"Never before has such a situation had been improving at a rate cutting your breath so brutally," enthuses a member of the supervisory board of Daimler, maker of Mercedes, quoted by the daily Frankfurter Allgemeine Zeitung (FAZ).The very expensive "scrappage" introduced by the German federal state, which had boosted sales of Renault-Dacia in Germany, had not benefited the high-end manufacturers. But the system Kurzarbeit, unemployment part financed by the German state, allowed them to retain their skilled workforce and avoid the waves of layoffs. And come back even stronger.

Success of "Made in Germany"

The FAZ, which displays an unusual enthusiasm, believes that "German car manufacturers are experiencing a tale was unexpected." The factories are at full speed. "Mercedes has almost regained its level before the crisis," said a member of the supervisory board of Daimler.

The resumption of exports to the United States but especially in China explains this success.The models are the most luxurious locomotive production pay day loans. Thus, Mercedes increased its production of S-Class 41% in May, while BMW has experienced a surge in sales of 34% of its 7-series.

In factories in Sindelfingen and Bremen Untertürkheim, which produces luxury Mercedes models, the assembly lines now run on Saturday. Just as in Neckarsulm, where the A8 is constructed, the limousine flagship Audi. Several factories are planning to shorten from three to two weeks summer holidays. Daimler plans to hire 2,100 temporary workers to maintain production rates during the holidays. Daimler already employs 1,800 temporary workers. At BMW, they are 5000.The Bavarian company is seeking to recruit hundreds of graduates and plans to train some 1,000 additional workers.

Health insolent the German luxury car industry should result in a significant increase in stock price for the businesses concerned. More broadly, the entire German economy should benefit from the recovery in exports in 2010. The Federation of German Industries (BDI) expects "a growth of 8% of exports," for the current year. "The international demand for" Made in Germany "can pull Germany out of the crisis," said Werner Schnappauf, head of the BDI. The chemical and electrical industries are the sectors that benefit most from the recovery.Result: analysts predict a continuing decline in unemployment in Germany.

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Debate on the interest rate

The only objection was on the interest rate of 5% which Paris ready to Greece three years. The Socialists, Fran?ois Hollande and Henri Emmanuelli it was too high. But Jerome Cahuzac is more nuanced and noted that this rate is the result of a compromise between heads of state.

Still, the French government should actually earn money in the transaction, since borrows around 2.13% at five years. Baroin has been noted that the plan for Greece "is not an expense to the taxpayer! Is this why the consensus in France? "I believe above all that unlike Germany we have a culture of state intervention," said the UMP J?r?me Chartier."It is logical as German citizens, who have made sacrifices to repair their public finances, are more reluctant than the French, who were not virtuous," says the centrist Charles de Courson.

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These 5 million represent about 4% of annual sales (-10.3%) of Olympique Lyonnais, which amounts to 139.6 million euros. By comparison, Real Madrid shows a turnover of 401 million euros (+9.7%).The $ 5 million includes 3.3 million premium paid by UEFA for a qualification in the quarterfinals, 1.2 million euros in revenue stages, and between 0.2 and 1 million euro TV rights.

Also according Footbiz, Lyons would have received between 21.9 million euros and 22.3 million euros in case of defeat against Real Madrid, barely 5 million euros less than in case of qualifying cash advance now .

Suffice to say that these 32 million are extremely timely in the coffers of the club chaired by Jean-Michel Aulas. Lyon has seen its half-year loss widened to 8.7 million (against 2.4 million euros over the period 2008-2009).

Conversely, it is for the Real Madrid club the richest in the world, a crushing defeat as sports – the Madrid club has not reached the quarterfinals of the Champions League for 6 years – economically. The club chaired by Florentino P?rez has spent the last year 250 million euros to take a quick one, Brazilian Kaka (65 million euros), the French Karim Benzema (35 million euros) and Portugal's Cristiano Ronaldo (94 million euros). The failure is even more important than the final of the Champions League will be played at … Madrid at the Santiago Bernabeu.

A new stage in the process of dismantling Saab has been crossed."It's irresponsible on the part of General Motors of shooting in two different directions, that of a sale and dismantling of a" denounces L?fven Stefan, president of IF Metall, which is a representative member of Board of Directors of Saab. He added: "It is incomprehensible and irresponsible to do this (settlement) without being able to analyze the serious offers that actually exist for Saab. The decision of General Motors is not at all consistent with the messages we have had recently that the company really trying to seriously sell Saab and it was seriously considering the offers it receives.

Spyker and Bernie Ecclestone are in play

Even the bell side Bertrand Rakoto analyst RL Polk. "I am very skeptical about the motivation of executives from General Motors.Although the desire to close Saab has not been openly questioned, the GM executives have repeatedly rejected the dead-line. If they really wanted to close Saab, Spyker they have turned down more quickly. " General Motors has been seeking a year to give Saab a deficit for almost 20 years, as part of its reorganization plan. That did not stop him, after deciding to close Saab, December 18 last, to study the different offers. And to continue the study despite the liquidation court.

Saab less than Volvo?

Several groups, including the Dutch Spyker Genii and funds associated with the treasurer of F1 supremo Bernie Ecclestone has expressed interest in a takeover last minute Swedish Saab. "The strategy of Spyker is clearer than Bernie Ecclestone. Generally, manufacturers have visions longer term.Investment funds have only one idea in mind: profitability. According to most experts, the sale of Saab could bring $ 1.8 billion to General Motors, slightly less than the price of the sale of Volvo (2 billion U.S. dollars). So why the U.S. automaker did he take the suspense so long? Leaders from General Motors may have wanted to "play the show" and try to make a "coup" financially to the perseverance of Spyker. "Leaders from General Motors certainly want to prove before closing Saab, they did everything to find an alternative solution. General Motors wants to heal its image. "

A return announced by early next year by the president of General Motors, which follows the will of the American state to allow General Motors to stand on its own.For this, the automaker decided to get rid of a company "that has never made any money. The closure of Saab is proof that General Motors is not able to handle this kind of brand, "said one expert. To be continued.

Devanlay, 60% of sales by Lacoste, through the clothing of crocodile license. Since the beginning, these two companies through interlocking shareholdings (Devanlay has 35% of Lacoste and Lacoste 10% stake in Devanlay) work hand in hand.Their goal is to increase the share of leather goods from 4% to 8% of total sales within five years.

"While we have almost 4 000 references per year just in the textile, when we ask a client to appoint a product is always the same means we have work," says Jose – Luis Duran, CEO of Devanlay, where he arrived six months ago, after having been boss of Carrefour. Polo, founded in 1933, sold over 13 million copies a year worldwide. But it represents only 20% of the income of the mark (1.5 billion euros in total wholesale rate).

The crocodile is diversifying

Clothing, which weighed 85% of sales in 2000, none reported more than 60%.Meanwhile, footwear (20%), perfume (15%, produced by Procter & Gamble) or watches (5%) took off.

In total, Lacoste has granted nine licenses for specific product categories in different industries. Latest: mobile phones, the company entrusted with ModeLabs, the first model will come in six months. To develop leather, Devanlay created a joint venture with a French specialist sector Tolomei.

Lacoste plans to continue this diversification. "We are in constant reflection on these topics, explains Christophe Chenut, CEO of Lacoste S. A.We look at the world of home and decorating, mobility with electric bicycles or bikes, we've already made a limited number of strollers with McLaren in the United States, but these ideas must pass through many filters and answer a requirement of internationalization. Each license must also help us recruit and retain a new category of customers. "Bags were well designed to feminize a mark at three quarters male.