ON may agree by a third thief they only saw in this role

As in a fable of Jean de La Fontaine, the protagonists fighting for months over the champion of the Spanish Endesa electricity, Natural Gas and E.ON, may agree by a third thief they only saw in this role. Taking by surprise, 10 of the shares of Endesa and in ensuring to climb 18, Acciona conducts a master-stroke. First, in paying 32 euros by title, he noted how provides it initial of Gas Natural, but also that of E.There were chick. Revitalization plan implemented by the management of the siege, this award is in fact only 11.6 times the 2006 of Endesa profit and will offer to the shareholders of Acciona beautiful profitability. At the time where the European Union disavows the manoeuvres of the Government of Madrid to E.ON, finally clear of the German regulatory road thus meeting a major financial obstacle. It should cost 34 billion instead of 27 to align on the Spanish and probably rather 37 or 38 to really convince the shareholders. And he was not sure that Acciona, which put much energy and the recent investments have seen their value multiplied by two in a few years, wished to withdraw quickly. With a minority of weight in place, E.ON could ask if the game worthwhile dear.

Thesis and antithesis

The best arguments wear down with use. For two years, a thesis dear to analysts is that the stock market barely values historical activities of the NRJ Group in radios, and that it accesses so free of charge to the rest. This "rest", are the declensions of one of the most powerful brands youth in the digital terrestrial television and mobile telephony. The bet is already daring, knowing that these developments will cost this year nearly a quarter of the operational result, and that at this stage nothing to measure success. Things are even more shocking if the basement of the group is as strong, as its half-yearly accounts point out. Off contribution of NRJ Mobile advertising budgets, the results of the France radio would be flat, and the second half looks worse. The international radio is down and is still not profitable. With respect to the outside media, released the exceptional success of the show "Sun King", it is not more a recurring source of growth and profits. Therefore, it is any other profile that emerges, one of a group who loses his hand on his trade and consumes its cash flow surpluses adventures at risk. With a course down 27 since the beginning of the year, it is even an opinion which seems increasingly more shared.

Dexia gruyère

The hope is live. By presenting a plan that is ambitious for the period 2006-2009, Dexia shows both its potential and its limits. Based on its position as world leader in the financing of the public sector, which owes much to its bases in France and Belgium, Axel Miller wants to acquire a genuine global stature by reinforcing substantially, particularly in America and Asia. This strategy, which aims to reduce the weight of the historical pole which today provides half of the results, is crédibilisée by the success already in the United States and Europe. On the other hand, the pattern of Dexia is less persuasive when it comes to the universal bank. Promoting the place of the group in Belgium, the Luxembourg and Turkey, he believes that Dexia occupies a unique position in Europe. This originality also noted the absence of the major markets are the France, the Germany, the Italy or the Spain. And at the time when the consolidation accelerates, this European gruyère where holes outweigh the substance poses a problem of its viability. Under retreating to a marginal role. Which lead ultimately to wonder about the interest to preserve this appendix for a global giant of public funding.