Nothing obliges him to launch such an operation

Gérard Mestrallet was all smile yesterday morning, in the salons of the Elysee Palace. Seated between his brother Albert and Bernard Arnault (LVMH) shareholders at the wishes of Jacques Chirac to the "forces vives of the nation", the pattern of Suez enjoyed particularly two small sentences placed end-of-speech. "Need us a major player in the gas: this is that the proposed merger between gas of France and Suez is strategic for the France and Europe." The short-sighted calculations and political contingencies have not their place.

Gérard Mestrallet, this attack on the "short-sighted calculations" is clearly François Pinault, who is currently working on a hostile OPA possible on Suez. Evidence that, despite delays that accumulate, Jacques Chirac still believes the Suez-GDF approximation. And that, despite the rumours, it does support no project of François Pinault. However, if the Elysee is hostile, can breton billionaire go to the onslaught of Suez, which is mainly the activities of water and environment, those that depend on the public authorities more Yesterday, François Pinault, who was very close to the Chirac couple, has in any presidential not assisted the wishes case. Second good news for Gérard Mestrallet: under the pressure of Suez, the authority of financial markets has forced, Wednesday evening, François Pinault out of blur that he had a few months. In a letter to the controller, the businessman admitted the existence of a "very preliminary" draft offer to Suez ("Les Echos" from January 4). Nothing obliges him to launch such an operation. But, if it not do so within a time limit will be set next Tuesday and should be a few weeks, Artemis, the holding company, will be able to move on this dossier for six months.

This is the hope of Gérard Mestrallet. By obtaining that a fairly short time limit is imposed to Artémis, he hopes to save its merger with SFM and prevent a dismantling of Suez. Because in a few weeks, François Pinault may have difficulty to solve all the problems still posed by the project. How to return the Government, which is heavily invested for the merger with SFM How to accept the case to the Belgian public authorities Fearing a reconveyance by Belgian energy activities to SFM Artemis, which would lead to pass back to the French State, the Minister of finance, Didier Reynders, will is alarmed yesterday "negative consequences" of the project.

Albert Frère strengthens

This plus the financial difficulties. On the stock market, Suez is worth EUR 50 billion, a sum far beyond the capabilities of Artemis. Therefore, finding strong partners. This could be the Italian Enel, with Pinault has already worked on the record. But the Italian Government has banned public group hostile operations against the France. Another track: RWE. "An almost ideal partner", believe the CM - CIC analysts: the German company is to get rid of all its activities in the water and the environment (those precisely that Pinault) and has the means to grow in power. PAS evident, however, to quickly reach an agreement.

If François Pinault is offside in a few weeks, the merger Suez-GDF will not be saved so far. By July 1, the first possible date to celebrate the marriage according to the Constitutional Council, many obstacles can still arise. Especially if the left, favoured an alliance EDF - GDF, won the election. And rumors are likely to multiply. The image that launched yesterday by "Marianne", an offer on Suez jointly propose Bernard Arnault and Albert brother, the two neighbours of Gérard Mestrallet yesterday in the Elysee Palace. "The any - what", belies the entourage of the pattern of LVMH. "For me, the GDF-Suez project is always the best", provides, for his part, Albert Frère, comes to strengthen in Suez by purchasing a portion of the shares sold by la Caixa.