But the hole of air in operating margin which is 11

Chi va piano va sano. Far large operations which disrupt the European banking landscape, Société Générale continues its policy of small not. Preferring the European East, in its infancy and relatively cheap, capitalism in Western, developed but expensive, Daniel Bouton continues to open its purse with parsimony. A few months after taking 10 of the second Bank Russian, Rosbank, for EUR 250 million, the double general development. Above all, it takes an option up to 51. But in this case, the control premium will be important since 30 additional cost of EUR 1.3 billion, or 2.5 times more than 20! It is true that with its 800 agencies in 27 of the 33 Russian cities with more than 500,000 inhabitants, Rosbank has a good network on a difficult but promising market. If the General turn the test as was the case in Czech Republic and Romania, the game is worth the candle. As with the Russian ticket and recent shopping in Croatia and Italy in the conservation, the addition reached EUR 2 billion, the Bank will be refinance by launching a capital increase of EUR 2.4 billion. Shareholders may be surprised that it offers with 22 million new titles while the General bought 18 million two years ago to cancel them. But, as the course is very much appreciated since Daniel button is in the case of good management.

Crisis communication

The stock market deals with egos insensitively. The 5.3 increase which has "welcomed" the announcement of the next retirement of Daniel Valot, the President of Technip, may seem offensive. With a record order book and full of surplus funds to return to shareholders, the French champion of the chemical and energy engineering appears in full form. But, to multiply its crises of communication with investors also damaged its stock profile and required a response. Daniel Valot thinks, rightly, that market does not include the specificities of Technip, and that its profits depend on building started three or four years ago, with all the vagaries of costs that this entails. Fellows can hope today that new a man and a speech will throw the accumulated ambiguities, especially if Technip also renews its Board of Directors. In good standing with the official recommendations (Daniel Lebègue, one of their editors, sits), it remains highly typed. 100 Male, average age of sixty-two years, there are mainly five Polytechnique and two enarques on eleven members. Say that it reflects more the French technostructure of oil which Technip is that its current international shareholders. And everything that will alleviate this gap should facilitate understanding.

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It does not change men to reverse the trends. Despite the takeover of Vincent Bolloré, Havas continues to disappoint. While its major competitors, Publicis and WPP, identified the half-year profits in respective increases of 50 and 30, that of Havas fall of 39. The publication of a very modest progress of turnover, including indigent organic growth of 0.2, against 6.8 and 5 for his peers, is foreshadowed certainly nothing good. But the hole of air in operating margin, which is 11.2 to 8.9 when that of Publicis became to 15.2, surprised investors. The excuse found by the group in strengthening talent and "new business" teams that would penalize the result is little probative where competitors have also multiplied the conquests of new budgets. In addition, building on a doubling of its current half-year result on the year, Havas does augur anything good since this corresponds to a figure of 112 million, against 128 in 2005 and 172 in 2004. Elements that should not encourage the shareholders of Aegis, already reluctant, to look for rapprochement with Havas that Bollore calls its wishes.