This is no longer a success but a triumph

This is no longer a success, but a triumph. That course of EDF has won more than 12 in three sessions and brought its capitalization to more than 100 billion euros for a few hours was what let thoughtfully. EDF was valued on the same multiple as the German E.ON, French champion would be less than $ 80 billion and its course should be closer to 43 and 55 euros that it exceeded. The two groups are certainly not clones. E.on has more debts and the use of its huge financial margins, for example, Spain, carries risks, starting to overpay its acquisitions. Already more international, with a more efficient and capable of more modest operations review, EDF has what reassurance. The passion of the investors for EDF also has more ambiguous grounds: it is the combination between an actor dominating in its domestic market and liberalization of the electricity prices that could be more open than expected which is doing lever. And it as its positions in the hexagon and the rent of its nuclear power plants are two thirds of total commercialization of EDF. The paradox is that the main beneficiary of his flight on the stock exchange is the State, 87.3 shareholder, and that the law prohibits him monetize the essence of this wealth which would seek to reinvest elsewhere.

The information highway

There is more Pyrenees. After taking control of the highways of North and East of the France earlier this year, the Abertis Spanish today becomes the first shareholder of the operator of satellite Eutelsat, which broadcasts more than 2,100 TV in Europe and the Middle East. But the European champion of highways keeps in mind the sense of proportion. Realizing 76 of its sales and more than 80 of its profits in highways for only 11 and 6 in telecoms, less profitable, the Iberian conglomerate did not placed as pawns in the sky on the bitumen. While it holds the majority of Sanef, a holding company with financial acquired about 100 of the capital, Abertis simply redeem funds 32 of Eutelsat, the Bank Lehman Bros with 2 to avoid cross one third of the capital and to launch a takeover bid on all of the operator. The public, which has one-third of the shares, and Eurazeo, which holds a 25, will be able to thus not out on the same terms that TPG, Goldman Sachs and Cinven. But, after an increase of 25 in a year of market life, Eutelsat is still certainly opportunities for improvement. Abertis also may send a message across the Mediterranean, where the Italian authorities are dragging its planned merger with Autostrade in showing that there are other development opportunities in other sectors.

Comedia dell'arte

We buy more the Basilica Saint Marc as the Cathedral of Chartres. And as the insurance and finance are otherwise more strategic that the yoghurt and the mineral water, Generali has probably much less likely that Danone eventually falling one day in the hands of an alien. The stock market turmoil that undergoes the first Italian insurer is therefore probably closest speculation of plans on the Comet of scenarios in progress. The fact that De Agostini has placed shares Generali one-third of what he reported the sale of 65 of the insurer Toro group chaired by Antoine Bernheim shows also the limits of agitation. Upon resuming Toro after INA, Generali still increased its Italian proportions weight such that its takeover by a foreign competitor for logic it becomes politically totally unacceptable. The Group also acquired the crossing such a position in motor insurance that the competition authorities have ordered him to surrender the subsidiary of Toro in this area.