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"The results of Haulotte Group in 2009 were logically impacted by the decline of almost 75% in world market volume of the car compared to 2008, according to a statement. Indeed, accounts of the number one European lift platforms people have gone into the red in 2009, posting a net loss of 55.7 million euros at the end of the financial year, against a net profit 31.9 million euros at end 2008.

The current year promises nothing good, "in the absence of any tangible sign of market recovery early this year. The group led by Pierre Saubot decided to focus its attention on reducing the need for working capital and to control its fixed costs.The focus on commercial areas "more potential" will also be intensified.

Maintaining market share

Last year, net debt was reduced by more than 15 million euros thanks "to the sharp drop in volumes produced" instant payday loan . The group's cash at December 31, 2009 amounted to nearly 66 million euros.

Major European and American renters have hardly invested in 2009, but Haulotte Group has maintained its market share in Europe while growing in Asia and America.

Haulotte Group will pay no dividend for 2009.

According to preliminary information provided by the sector for 2010, the year is still difficult, even "if the worst is now behind us.""The rental companies remain cautious about their investments and should carry out spot purchases and replacements to the fleet in view of utilization still low and rental rates under pressure," Gilbert Dupont analysis.

lefigaro.fr / jdf.com: The beginning of 2010 seems to mark a resurgence of activity. Is it time to review mergers and acquisitions?

Herve Mangin: The market mergers and acquisitions work for periods of three to four years from 1997 to 2000, then 2003 to 2007. Since 2009, we are in the trough of the wave. Current levels are the lowest ever achieved for five years. Between 2007 and 2009, the number of deals announced declined by 53% and 32% between 2008 and 2009. The market mergers and acquisitions have obviously suffered from the economic crisis but also the draining of financial markets, preventing firms from refinancing.Since late last year, we see a resumption of operations, with an increase of nearly 50% in the fourth quarter versus the third quarter.

How can we explain this turnaround?

The economic visibility improves, credit conditions are more flexible, companies have taken preemptive measures to deal with the crisis and some have a large cash cushion. There are two ways to use this cash, either redistribute it to shareholders through dividends or share repurchases, or generate growth through investments or mergers and acquisitions. However, growth remains soft, the high level of taxes, consumer debt and high unemployment. It is better to buy existing capacity rather than creating new plants that use rates are poor.

The takeover of Cadbury by Kraft has yet taken place earlier this year.

The operation took place earlier this year because it was strategically very important for Kraft. This is also not expected to return to a debt level more comfortable to launch its offer. He attacked as soon as market conditions are loaned. Another symbolic aspect of this acquisition: it illustrates the need to increase the cash portion of the offering to complete the transaction. In other words, the larger the share in cash, the higher the transaction was likely to occur. Then again Kraft could do so only because the visibility has improved.

What is special about your fund Axa Opportunities?

The management of our fund is unusual to begin by targeting predators, their strategic and financial interest to generate external growth.Once we've found a predator, we want to know what would be the best "prey". And only from there, we are studying the viability of the project on a financial plan. So we try to place us before purchase. Operations in 2010 will be more strategic than financial. We focus on companies that have cash and are facing challenges in terms of growth, diversification, and whose price is underestimated. Our fund is invested in particular sectors of health, chemicals, oil and telecoms. According to a study co-published by Boston Consulting Group and UBS in January 2010, 20% of CEOs will make an acquisition of at least 500 million euros in turnover this year. Groups that have the greatest appetite are in insurance, chemicals and pharmaceuticals.

The portfolio is invested two thirds in mergers and acquisitions and third in special situations (change of management, disposals important modifying the profile of a group …, Ed), while in 2009 the allocation was balanced. Our pocket liquidity is still below 10% and amounts to about 2% today. This pocket is more tactical than strategic: we do not intend to play on the cash to take advantage of market reversals. And especially since our fund is PEAable (the fund must invest at least 75% in European equities).

Do you ever happen to take positions outside Europe?

Absolutely. Having decided to adopt an approach focused on the predator to detect targets the most interesting, sometimes I take positions in securities outside Europe when the target detected there.But this represents no more than 8-10% of the portfolio. For example, I have a line on Mead Johnson, an American company specializing in the infant food because it is an attractive prey for Danone and Nestle, in particular because of its positions in emerging markets.

What are your beliefs about the four areas you are most invested (health, telecommunications, chemicals, petroleum)?

In telecoms we further expect further consolidation of domestic markets as large cross-border transactions. A reconciliation between Telenet and Mobistar France Telecom would thus solve the strategic problems of France Telecom in Belgium. Health, which is a major provider of mergers and acquisitions, should suffer the same fate as laboratories continue to suffer from the rise of generics.Sanofi, which has made more than 8 billion of acquisitions last year, would buy biotech and further diversification. For this, Stada, Shire or Stallergenes are good prey. As for the chemicals and oil, they should see competition from emerging countries, notably China and India grow. SWFs should also be present, but more on that equity takeovers.

What about bank stocks? The sector is expected to undergo further restructuring, and Societe Generale would be again at the heart of debates.

For bank stocks, is a question of timing. From 1997 to 2000, banks were in second position on the market for mergers and acquisitions behind telecoms. Similarly between 2003 and 2007 but this time behind the property.I do not see them go top of the list before 2011, because of uncertainty about Basel 3. They should instead carry out asset sales as a first step. Regarding Societe Generale, which could at some point the desire to attract a European rival. In this case, a French white knight would come to her rescue (including BNP Paribas).

Why do not you invested in the car?

I am not invested in this sector because the European players are more predators than prey. Peugeot and Volkswagen are currently taking stakes in Asia for example.And anyway, it is better to invest on groups whose fundamentals are attractive, which is often not the case of the automobile.

On what themes you bet?

The race to growth lies in emerging countries will also be one of the most important theme in 2010-2011. We see particular for Kraft, who has not bought Cadbury confectionery in the UK, but to gain strategic positions in emerging markets. Sanofi has just acquired a vaccine manufacturer in India, and continues to build in China by 2020 40.000 new hospitals should be built, and 90% of the population should receive special protection. Others include Vivendi, which acquired the Brazilian GVT or Heineken has acquired the activities of the Mexican brewer Femsa to 7.6 billion dollars.An offer of GDF International Power also has a sense of perspective in particular geographical synergy in the Middle East.

What are your plans for 2010?

Now that the means of external growth are met, the operations will be resumed. 2010 marks the return of mergers and acquisitions, ie the beginning of the wave. This does not mean that we will experience a bubble market and we'll find the record levels of 2007. But clearly there is potential to find a standardized level. We nevertheless believe that large transactions will only be until the second half of 2010.We should save up 15% to 20% in 2010, the market for mergers and acquisitions.

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While the National Assembly must address on Tuesday on the shutters "great debt" and "Taxation of banks' of the supplementary budget, Eric Woerth, the budget minister, said on France Info this morning that" the impact of large borrowing on the government deficit in 2010 is limited to 2.5 billion euros, or 0.1 points of GDP, while stressing that he was "loaned funds, which will be refunded. Eric Woerth said the need to "reduce our structural deficit, but by the activity that will recreate the recipes that have failed during the recession."He recalled that the forecast deficit passed Monday evening in Brussels indicate a return to a level of public deficit below 3% of GDP, in line with European requirements in 2013, assuming a growth of 2% to 2.5% .

Another topic to be discussed by MPs today, charging the banks should "be subject to parliamentary debate," said Eric Woerth, adding that "it is essential to tax speculative activities.

A minister little to say on pension reform

Regarding the proposed pension reform, a project which must be opened after the regional elections, the budget minister has shown little to say cash advance to savings account .He merely noted that it is a "big issue" and that "all options for reform are on the table."

Also arrested on the law of mobility of staff, Eric Woerth has detailed the operation: "the law of mobility must allow officials to move easily from one jurisdiction to another. An official unearmarked, because his position was eliminated as in private careers, will be entitled to retraining and individual training, which did not exist before. It will then propose a post. It will address three refusals, but then, it will be laid off. "Eric Woerth has assured that" the family and geographical constraints will be taken into account. "It concluded that "after three refusals, it is normal that the employee leaves the terminal, because it means that the person is more motivated to work in administration."

To those who accuse him of wearing a type of speech 'administration, you love him or you leave her', Budget Minister has assured that "this reform can finally build a real human resources policy in the Administration, with merit promotions. "

Around 14 hours, the Paris Bourse more clearly reflected the upward path after hesitating throughout the morning. The CAC 40 wins 0.75% to 3788 points in a trade volume of over 1.5 billion euros. At the opening, the CAC 40 index showed a greater increase of 1.07% to 3800.36 points. The finding is similar to London and Frankfurt: the FTSE-100 is progressing more than 0.21% at 5228 points (cons an opening 5261 points) and Dax from 0.19% to 5654 points (5687 points cons).

But investors in Paris were relieved by the publication of results of U.S. companies. In the vast majority of companies have reported results in line or better.Indeed, many companies publish their accounts in the fourth quarter: Ford, AT & T, Procter, Colgate, Motorola ….

Although business leaders and consumers in the euro area have found morale in January, for the tenth consecutive month, the sharp rise in unemployment in Germany (+8.6% in January) lead the growth indices European financial.

This morning in Japan, the Nikkei ended a spate of four sessions down to it lost 5%, to close a significant increase (1.58%).On Wall Street yesterday, the Dow Jones also finished in the green at 0.41%.

The U.S. Senate will vote Thursday on the reappointment of Ben Bernanke to head the institution.

Across the Atlantic, investors Parisian keep an eye on applications weekly unemployment benefits and orders for durable goods in December, at 14:30.

The bank ran out of steam

Consequence of slowing the renewed financial indices, values faltering: BNP Paribas (0.87% to 52.20 euros against 2.42% at the opening), Societe Generale (+0.69% at 43 14 euros against 2.46%), Credit Agricole (+1.86% at 11.77 euros against 2.81%) and Dexia (1.55% to 4.53 euros against 2.39% ) Payday Advance .

Plastic Omnium (3.14% to 23 euros) has announced a turnover of 2.458 billion euros in 2009, down 8.8%.In the fourth quarter alone, however, sales jumped 16.8% to 716 million euros. The group expects an operating margin up sharply for the full year 2009.

Many publications expected

Areva has returned to mid-session, the title losing 0.15% to 338 euros, having opened up slightly from 0.13%.The group will unveil its revenues for the fourth quarter of 2009, after having asserted yesterday held extensive discussions with GDF Suez for partnership in the French nuclear.

Are also expected publications: JCDecaux (1% to 18.6 euros, after opening up 2%), Sperian Protection (-0.38% against a rise of 0.30% at the opening) Etam (-2.89% to 17.45 euros), Eramet (+2.09% to 222.30 euros), Fleury Michon (+ 0.56% to 36.20 euros), Carbone Lorraine (+2.97 % to 25.45 euros) Vicat (-1.45% to 54.45 euros) and Norbert Dentressangle (+1.17% at 42.49 euros).

Beneteau (+2.36% to 12.6 euros) will hold an annual financial information to 17:30.

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The French have always been more crickets and ants that the crisis has reinforced their distrust of credit. Statistics released yesterday by the FSA, the association of financial companies show a net decline of credit extended by institutions.

Credits distributed to households fell from 13.3% in 2009, which represents the largest drop recorded in 45 years time tracking statistics. In 2008, the decline was 2.8%. Last year, special schools and have provided 38 billion euros of new funds, against 43.8 billion a year earlier.

The downturn that began in autumn 2008 was accelerated until spring 2009 (-12.4% in the first quarter and -18.7% in the second) before slowing down from the was (-16% and -5.5% in the fourth quarter).

These are personal loans which have fallen the most, specialized institutions have distributed 22.8% lower than a year earlier. The revolving loan decreased by 11.2%.

The auto loans are better off: they are down only 4% over the year and jumped over the last two months of the year. The scrapping bonus has pushed the French to change their car which is reflected in the credits: they increased from 15.7% last quarter. Finally, funding of home appliances (consumer electronics and furniture) were melted from 13.3% in 2009.

These figures may be explained by a smaller French appetite for credit, but also by increasing the rate of refusal of certain institutions (Cetelem number one industry in this case) and by increased competition from traditional banking networks.Banks operate more than before because the customer relationship by offering consumer loans. Member firms of the FSA are in fact nearly 60% of consumer credit and almost all renewable credits.

Patrick Devedjian, Minister of Recovery, Luc Chatel, a spokesman of the government, Eric Woerth, budget minister, Christine Lagarde, Minister of Economy, have multiplied statements Wednesday to defend the annual remuneration of Henri Proglio, chairman of 'EDF and Chairman of the Board of Directors of Veolia. On Thursday morning, Christian Estrosi has added a layer. On RTL, he said: "Christine Lagarde gave a notice is so that the government", adding: "Christine Lagarde, on behalf of the government changed its mind."

The opposition and some elected right triggered a controversy. They accuse Henri Proglio receiving dual compensation amounting in total to 2.05 million. The latter receives 450 000 EUR at Veolia. It affects one million euros plus a variable up to 60% of his salary fixed at EDF. 1.6 million.This figure was confirmed by the Ministry of Economy. The Board of Directors of EDF must treat this matter on Thursday.

Aurelie Filippetti, PS national secretary for energy, has denounced the "indecent compensation" pay day loans . The President of the modem, François Bayrou, has raised an "affront to the principles of our Republic". In November, Christine Lagarde had said before the Senate Henri Proglio not touch two salaries. The UMP MP Valérie Rosso-Debord, close to François Fillon, acted "very shocked" by this combination. Asked in the National Assembly by the Socialist deputy Christian Eckert, Christine Lagarde said in the heckling of opposition. "The president of EDF is not paid more than when he was boss of Veolia.He must face reality: there is a market, competitors, a world that has changed, "said the minister, who recalled that" the conditions in which Henri Proglio has agreed to join the group EDF were twofold: to retain non-operational role at Veolia and devote his full time to EDF.

According to the firm Proxinvest in 2008, an Executive Chairman of the CAC 40 gained 3.6 million euros. A non-executive chairman who presides over a board, 864 225 euros.

The French game publisher Ubisoft video Wednesday revised downward its financial targets for its fiscal year 2009/2010 lagged, partly because of disappointing sales of some games and the postponement of several launches.

The number three European industry now expects sales for the third quarter of 495 million euros against 540 expected before, and 860 million euros for the full year, against 1.04 billion expected before.

Furthermore, the group, who expected a positive result of at least 70 million euros over the year, now provides a loss of about 50 million. Its business casual "(games for the family) loses a year to the next almost 160 million euros, a drop of almost 50%."Despite successes like Assassin's Creed 2, which is expected to reach 9 million units through March, or Just Dance, our very successful Christmas on the Wii, Ubisoft has not met its financial goals," says CEO Yves Guillemot , quoted in a statement.

Ubisoft announced it will refocus on its core franchises and games consoles Xbox 360 and PlayStation 3. It promises to last two outings a catalog of "very substantial", which should enable it, on the period 2010-2011, "to gain market share and improve (its) profitability."

Ubisoft lost over 9% in one week

The market, worried about developments in the industry have fully incorporated this announcement. At the Paris Bourse, the stock has indeed closed down 1.95% to 10.07 euros in a market almost stable (+0.02%). In five days, the stock has lost 9.12%.Its competitor, Electronic Arts, anticipated loss from 1.94 to $ 2.24 per share (cons – 1.2A $ 2.05 per share on the previous forecast) in its fiscal quarter ending March 30, for a turnover between $ 3.6 billion rather than $ 3.9 billion for its fiscal year.

Ubisoft is also penalized by the decision of the firm Sterne Agee analyst lowered his rating to "neutral" cons "buy" before. For the moment, "there is no reason to confirm a recommendation to buy, analysts say. The analyst firm also shown Aurel disappointed by sales of "Avatar: The Game", "well below" their expectations.They recommend to "sell" in their notes.

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Coup de théâtre to the Constitutional Council. Tuesday night is no less a pillar of the 2010 budget that the Sages retoque in deciding to cancel the carbon tax in its entirety. In their decision, the constitutional judges – seized last week by the Parliamentary Socialists – have ruled that the law created too many exemptions, which is "contrary to the objective of fighting against global warming" and creates an inequality in tax."Less than half the emissions of greenhouse gas emissions would have been subject to contributions to carbon, because many of these exemptions, they argued.

In detail, the Constitutional Council has stressed that "were totally exempt contribution of carbon emissions from power plants generating electricity, emissions from industrial sites in 1018 the most polluting (refineries, cement, coke …) "emissions from aviation" or "those of the public transport of passengers by road. "These exemptions have led to only 93% of emissions from industrial sources, excluding fuel, are exempt from carbon contribution," according to the text.The tax would have "focused on fuel and heating products that are only one source of emission of carbon dioxide.

An alternative is proposed by Fillon January 20

Shortly after the publication of the decision of the Elders, Matignon has announced that Francois Fillon presented January 20 in Council of Ministers a new scheme taking "full account of the observations of the Constitutional Council. The prime minister maintains, however, that this contribution is needed to guide the behavior of firms and households in terms of energy consumption and reduce emissions of greenhouse gas emissions. "The cabinet of Jean-Louis Borloo for its part indicated that the Minister of Ecology and Sustainable Development Wednesday react to this defeat.

For its part, the Socialist Party – through its National Secretary for the Environment, Laurence Rossignol – did not expect to qualify the decision of the constitutional judges of "heavy defeat for the president. It is both the sanction of a working method that is to do everything in a hurry and a series of announcement effects. For the federation France Nature Environment (FNE), a cancellation is "catastrophic." "The carbon tax is clearly in agony.Copenhagen has shown that political will was not enough in the fight against climate change and today is the leverage that tax is lowered, "lamented spokesman FNE, Arnaud Gosse.

A measure dear to the Head of State

Wanted by Nicolas Sarkozy, the tax, renamed "carbon contribution" by the Senate, was a key measure of the proposed 2010 budget. In total, it would have resulted in 4.1 billion euros in tax revenue next year, including 2.2 billion paid by households. The Head of State himself had described as a "revolutionary tax" and a "major shift" to "lasting change" behavior of the French. The tax was aimed at encouraging individuals to reduce their CO2 emissions by applying the energy consumption of households and businesses, with compensation to individuals.For businesses, the carbon tax would replace the business tax, which was abandoned, however, been validated by the Constitutional Council.

According to calculations by INSEE, the entry into force – scheduled for 1 January – would be to effect a general price increase of 0.3% in first quarter 2010, an increase of about 4 cents per liter gasoline pump. Set at 17 euros per tonne of carbon dioxide (CO2), but she had raised important challenges left, but right where some denounced the introduction of a new tax.

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Lehman Brothers estimates have been robbed. Lawyers for the holding company representing the defunct U.S. bank filed a complaint against the British bank Barclays in order to recover billions of dollars wrongly attributed to it at the sale in secret activities of brokerage Lehman in September 2008. In a complaint filed with the U.S. Bankruptcy Court in Manhattan (New York), Lehman believes that the sale was "secretly arranged at the outset to provide a benefit that Barclays was not expected" and that the bankruptcy judge has not been informed at the time.

Lehman Barclays accuses of having been awarded some $ 7 billion of assets in excess of the transaction, plus 5 billion once the sale is concluded.

In its complaint, the U.S. bank, which had declared bankruptcy in September 15, 2008 following the subprime crisis and the refusal of the U.S. state to help, now wants to make as Barclays Lehman "all profits obtained improperly, and damages. Among its charges, including Lehman puts into question the role of several of its leaders at the time who took part in the transaction before joining Barclays Capital.

Around 12 h 20, the CAC 40 rose 0.7% to 3770 points. The confidence seems to come on the market. Traders were cautious in the morning while Bank of America has trouble repaying the $ 45 billion loan from the state without affecting the level of its own funds and that rumors of a massive increase of capital around the title .

Values follow

Michelin (+1.2%) recorded a turnover down 10.9% in the third quarter to 3.75 billion euros, due to declining world markets tires.The decrease in sales amounted to 12.5% in the first nine months to 10.9 billion euros.

Dassault Systemes (7.29%) recorded the largest increase in the DTH after announcing it bought IBM's sales and customer support related business applications lifecycle of products, for 600 million dollars.

Societe Generale (-1.15%) denied information published in Le Monde, which referred to a proposed alliance between the bank and Credit Agricole (-0.64%). Moreover, the bank will abandon its green activities in retail banking in Uruguay for "strategic reasons" to focus on Europe and the Mediterranean.

Publicis (+1.36%) reported a sales decline for the third consecutive quarter, by 5.3% to 1.047 billion euros.The group emphasizes that "The fourth quarter should be better on the third, the market for Publicis.

Alstom gained 0.75%. His arm Alstom Transport will remove 500 jobs in the United States on an assembly of equipment. Title Alstom rises of 1.23%.

Plastic Omnium (-1.63%) announced a consolidated turnover of 1.742 billion euros over the first nine months of 2009, down 16.4%.

Faiveley Transport (-9.21%) displays the second quarter of 2009/2010 a turnover of 198.5 million euros. The first half of the year, the group's activity amounted to 414.6 million euros, an increase of 8%. Faiveley lost 0.86%.

The turnover of NextRadioTV (0%) stood at 82.1 million euros at September 30, 2009, down 3%.

The turnover of Manitou (-2.89%) fell from 47% in the third 2009 at 146.7 million euros."The business continues to decline (especially due to agricultural market disruption) but slower than earlier this year," the group said.