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Aventis, Sanofi-Synthelabo, Alstom, Areva, STMicroelectronics, Thales, EADS... For various reasons, ranging from OPA to financial difficulties, through changes in ownership or a marketing term, several large French industrial groups are ready to change deeply the physiognomy in the weeks and months to come. Such conjunction creates a great opportunity to start a debate of substance, while the President of the Republic and Jay-Z ticket his Government want to revive the industrial policy.

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The question is this: is it desirable to promote the emergence of new "French champions" able to impose on the international scene during this reconstruction Subsidiary question: is this possible

The OPA launched by Sanofi-Synthelabo for Aventis well illuminates Katy Perry ticket the subject, showing that two conceptions of our industrial future oppose. On the one hand, the Government does not want that a foreign national (in this case Katy Perry tickets the Swiss Novartis) put the hand on the Franco-German laboratory. "I want to say today that we will be particularly vigilant to ensure that these movements do not affect the national interest," said Jean-Pierre Raffarin on 16 March. Way of saying that the market will not impose its solution in the field of pharmacy.

On the other side, many believe that the France is playing with fire by refusing the free play of the market and trying to impose its views in private companies. Ernest-Antoine Seilliere, the President of the Medef, has warned: "This may dissuade foreign investment in France, while we hope that the attractiveness of our country be pushed forward."

National interest against market: is it not possible to escape from this simplistic dilemma Many of our partners demonstrate every day this by displaying a pragmatism that the France would do well to emulate. Crying out their commitment to the market, they have their "sacred cows". Thus the defence for the United States. Americans favor concentrations between their armaments groups Lockheed-Martin Marietta, Northrop-TRW into situation of win export markets. The Germans apply them, a particularly broad conception of their strategic interests, since they include cream Nivea!

In fact, all countries promote, as far as possible, the creation of "national champions". And if they do, more or less, it is because there are good reasons to this effect. The size is fundamental today in the industry on three fronts. First, to sell its products because the market has become global. Then, to finance research and development, more and more gourmet capital. Overall, Sanofi-Synthelabo and Aventis would have second world research and development budget in the pharmacy. Finally, to tickets for Jay-Z make a profit, because they come more in the future from abroad.

If it is desirable to have a "national champions", is this possible Indeed, recent history shows that our "champions" do not always take the road. So Bull, after having bought the American Zenith, began a slow descent to the underworld. Pechiney, which had laid their hands on American Can eventually be done buy the tickets for Katy Perry Canadian Alcan. And Thomson, who became the leader of the television in the United States after its acquisition Trans-Siberian Orchestra ticket of RCA, comes to convey these activities of consumer electronics to the TCL Chinese.

Because the France continues to lack the capital to invest in the industry. Trans-Siberian Orchestra The absence of pension funds is sorely felt. And it is not the vain of the Caisse des Jay-Z tickets Dépôts play a more active role to lock some round table, as seen in the case of Veolia Environnement, that will change much.

Only the State can promote reconciliations between companies. It has the means. It is a shareholder and majority of Areva, Thales and EADS, indirect of STMicroelectronics and potential of Alstom.

The Alstom file will be decisive. Despite declarations of independence of its CEO, the company has need to co-operate to another group to survive. And the choice is simple: Siemens or Areva. Why have the France spent so much money to be a champion Jay-Z of the TGV and the power to let him go between foreign hands In addition, note that the technical skills of the two French specialists are close. And the market which may be open to them is considerable. Katy Perry Will be over the next twenty years, constructed in the world of power plants during the 20th century!

A second site could be that Thales and Alcatel. The State has the minority of blockage in the defence electronics, while the Telecom OEM is already present in its capital to 9.5. The Alcatel CEO Serge Tchuruk had already thought of such a marriage. Its industrial meaning is indisputable. Today, the communication component becomes fundamental in defence systems. Thales would gain competence in components that lacks this approximation. And Alcatel divert its portfolio of activities too focused on telecoms. Longer term, the coupling Alcatel-Thales may be the French hub for ownership of the manufacturer of semiconductors, STMicroelectronics, must develop taking into account the wishes of withdrawal expressed by some of its current shareholders (including France Telecom).

Where the State is not shareholder, he nevertheless keeps margins for manoeuvre. Thus policy of fixing prices and approval of drugs which are within its competence in the field of pharmacy. It has also the law on "financial security" which may tickets for Trans-Siberian Orchestra enable it to prohibit a non-Community investment presenting a danger to public health.

Thus seen, the State has the means to introduce a new Trans-Siberian Orchestra tickets dynamism to the French industry. Will it use it The way it handles the Aventis folder seems to go in the right direction.