The first to discuss and the second to end the fight

The global consolidation of market business is counter intuitive schemas. Instead of the grand alliance of continental Europe that to some hoped to build risk of Anglo-Saxon domination, it is a friendly marriage, otherwise between equal, Euronext has negotiated with the Nyse. Conversely, despite the proximity assumed between Britain and the United States, it is a second hostile offer resolves the Nasdaq to the London Stock Exchange to discuss a common future. The U.S. puts the price 40 increase in its offer of there is six months, rewarding the LSE to 25 times its profits of March 2007, and opening the door to a bonus in the event that the British would agree to work together. At this level and with a Nasdaq to 28.75, a competing offer is hard to imagine, and the LSE will find it hard to convince that it can find what alone justify its current course. For its shareholders, the temptation to sell becomes untenable, and the fact that 3 of the capital come to convey suggests that the dike is ready to crack. But his side, the Nasdaq can hardly back, and new refusal that the LSE her objection should lead to a double final bid. The first to discuss, and the second to end the fight.

The meaning of history

At the time of large cross-border mergers in the mines and metallurgy, failures pay quickly. After two attempts without continued to Canada this year, the American Phelps Dodge will pass under the control of a fellow countryman, more than two times smaller than him. The operation should create the world's leading producer of copper, but in a quite unexpected way. The purchaser, Freeport-McMoRan Copper & Gold, has less international experience, a little diversified geographical base, and it is in the abundant cash flow to its target that it will find financing for his purchase. But it is precisely because time built solutions other than the share repurchases to re-employ its surpluses of capital that the staff of Phelps Dodge had angered shareholders. But should find the meaning to be paid in part by the future group titles, and thus participate in the creation of value that it promises, because the course of Freeport McMoRan has responded well to the announcement. It is true that by paying Phelps Dodge on a ratio of capitalization of profits lower than his own, Freeport does not load the addition. And perhaps even a little leaves too field for other contenders, which can also estimate that the cycle of the copper remains quite bullish for the risk of bid. It.

Mounted parts

It is known since Spencer Tracy that preparations for marriages are often stressful for parents. On the eve of the announcement, the families of the two fiancés sending gas of France and Suez, have difficulty to agree to apportion the costs of the buffet and the rental of the room. Although many may think that it would be a pity to derail a so beautiful marriage for so little, the father of the groom, Thierry Breton, and the sponsor of the bride, Albert Frère, raise the tone in the last straight line. The first threat to abandon the bride on the steps of the altar to seek another if his family is too greedy, recalling that the French State has already done for other of his children, Air France and Renault. But the figures are stubborn. By repeating their additions, managers and shareholders of Suez took into account the developments since the announcement of the marriage in February: deleveraging Suez larger than expected, increase in the price of electricity, which promotes, and the price of gas, which penalizes SFM. Result: they would be cheated if they do not get a SFM action more at least 3.5 euros by title Suez. And could, if that fails, find other suitors for their daughter, willing to pay more and they would be without a State of soul!