What can that a little more tense shareholders

Kirk Kerkorian, the first shareholder of General Motors, has eighty-nine years. It takes at least ten years to restore order a group also heavy and complex than GM. Even taking account of what has already been initiated reductions in capacity and personnel, transfers of assets, Union negotiations the Fellowship tried by us billionaire is before a challenge at the age of its own arteries, and his appeal to Carlos Ghosn an obvious attempt to rush the movement. The President, Rick Wagoner, which nourishes the ambition to associate its name to the renaissance of GM, has any interest to play the shows. And it quite succeeded in keeping control of the negotiation with the Renault-Nissan alliance, and the confidence of its Board of Directors. Therefore, a little crazy process launched two weeks ago may resume a more normal pace. Not respond to the urgency of a slightly more rushed than other shareholder, but take the time to verify that three automotive groups have much interest to engage in a novel Tricontinental way. And that they are first enough confidence to not fear to prove each other their strengths and current weaknesses.

Double misfire

Two months ago, the Director General of Business Objects explained that the best way to avoid an unsolicited takeover offer was to go as cheap as possible. It is doubly missed. Alert issued by specialist software to aid in the decision on its second-quarter results first added 25 lower than in the same order which had already penalized its title since the beginning of the year. Business Objects also lost the modest speculative dimension that could compensate his chaotic operational route. Two years after the acquisition of Canadian company Crystal Decision, Business Objects customer base still hold before products resulting therefrom. His difficulty in concluding contracts significant of at least 200,000 dollars per customer slows its growth. Despite a true rebound of it investments, the French-American group loses field, also well face to its traditional competitors to the benefit of the Giants which penetrate his square meadow, such as Microsoft, Oracle and SAP. Rather than sell more software licenses, it mainly services sales, where margins are four times lower. Under these conditions, far from having the attractions of a potential target, Business Objects seems condemned to new acquisitions to compensate for its shortcomings. What can that a little more tense shareholders.

Asterix and the yankees

Lever, lever and a half. As investment operations become increasingly large and are attracting more fans, it takes imagination to take advantage of this game, failing to juggle the billion euros as Anglo-Saxon mastodons. The "small" French Eurazeo decided to multiply the effects of leverage to all floors. The formula "private equity" was already substantially increase the size of operations by combining debt and equity with a daring reinforced by low interest rates. But rich Eurazeo of just EUR 5 billion had found its limits. Not wishing to invest more than 15 of its net assets in the same operation, it has peaked recently with Europcar (775 million euros of capital for $ 3 billion of investment). By creating a 500-million Fund of co-investment with partners bankers and insurers will take 20 of each transaction at his side, the firm headed by Patrick Sayer found a ball of oxygen. What give a new tone to the group "private equity" is increased from 42 to 60 of the assets in six months while its liquidity fell 29 to 5.