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The Minister of Agriculture and Fisheries went Wednesday to meet victims of Xynthia in Vendee and Charente-Maritime. Bruno Le Maire first visited an oyster farm in the island of Ré is Tony Brin, to realize the damage caused by the storm the weekend. There, a scene of desolation was waiting after a giant wave passed over a dam three feet high and has invaded the fish ponds. "We will help the fish and shellfish industry already strongly felt in order to continue to live," said the minister.

Specifically, he presented a plan to aid three points for a total of 20 million euros. The bulk of the effort will focus on replacing equipment.This responds to a demand for professionals to enable them to restart their operations and be ready for the season getting ready now. "Especially our equipment that has been affected, such as sorters, the computers or the electricity grid, he says Tony Brin. I have even more checkbook to pay salaries, everything has been drowned by the rising waters, is tell you how we are. "

Lighten the load

Second point plan: relief of financial burdens of 1.5 million euros and finally the implementation of the national guarantee fund for agricultural disasters (FNGCA) to compensate for the loss of fish or shellfish. But on this last point, unlike the 1999 storm, which occurred at low tide and which has devastated oyster or mussel, the damage should be less important.It is funded jointly by government and professional organizations.

Another concern comes from the elver producers who fear their possible side effects of water pollution after they pass on farmland treated. In a scene of desolation, Bruno Le Maire has visited the farm of John Paul Rault, a young farmer Vendeen St. Radégonde-of-Walnut, who has lost everything, including his house, in the rising waters for payday loans bad credit . His case is not isolated as 52 000 hectares of land have been invaded by salt water after the passage of Xynthia. "It will take years and years for desalination," said the farmer. Bruno Mayor announced a plan to tens of millions of euros to farmers (see box below)."I shall return in a few weeks to see how its implementation takes place," he said.

A plan dedicated to farmers

A budget of several million euros to farmers. This was announced on Wednesday the Minister of Agriculture, Bruno Le Maire, the operators hit this weekend by storm Xynthia. In detail, two types of aid are considered. Firstly, a reduced specific financial burdens and also social. The state with the Agricultural Social Insurance Agency has raised 5 million euros for the first strand.

Then, after a case-by-case damage caused by Xynthia field, another package will be released under the National Guarantee Fund for Agricultural Disasters (FNGCA)."Given an initial estimate and according to recent experiments, this should be in the tens of millions of euros," said one familiar with the matter. The new aid will complement those of the plan emergency support and to the extent permitted by Brussels (De minimis 15 000 per farm). For their part farmers have asked for clemency for the administration, for example, identification of dead animals or statements in order to benefit from the CAP.

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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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After Fitch and Standard & Poor's, Moody's has in turn lowered the debt rating of Greece on Tuesday. The bonds are so degraded by one notch from A2 to A1 with negative outlook.

"The repositioning of Greece at A2 level reflects both the very limited risk of a liquidity crisis in the short term and other credit risk in the medium and long term," Moody's justified. Indeed, "risk long term has been partially offset by the government's announcement" last week on the austerity budget.

Reviews of Moody's moderates have tended to reassure markets that apparently he had built a stronger degradation of the Greek notes. The Athens Stock Exchange returning 2.96% in early morning.The interest rate on bonds over 10 years of Greek Treasury bills were even lower, at 5.734% against 5.955%.

Following the announcement by Moody's notes on the Greek, Tuesday morning, the euro hovered around $ 1.43. "The euro is being undermined by the widening spreads (difference between interest rates, Ed) on yields of government bonds in the euro area," observed Friday in a note economists at BNP Paribas.

The difference between the interest rate applied to Greek government bonds to ten years and the German Bund, benchmark euro area widened to 250 basis points, or 2.5 percentage points, recent weeks.

Plan rigor

The Greek Prime Minister George Papandreou, presented last week a fiscal austerity plan to leave public finances slump. The stated objective is to reduce the deficit to 4%.Greece is facing a deficit estimated for 2009 to 12.7% and a debt that represents 113% of GDP.

Moody's remains reserved about the effects of the government plan. "The long term rating of Greece will depend on how the public will accept these measures and the government's ability to implement them vigorously," the agency analysis. However, "neither of these points can not be taken for granted."

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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.

The government is preparing to take action against doctors displaying excess fees excessive. According to the Tribune, which learned of a draft decree, the Ministry of Health plans to strengthen sanctions. This decree law enforcement Hospital, patients, health plans and territories that doctors may repeat the overrun will lose their right to practice these overruns for a maximum of five years, by decision of the directors of health insurance . They will also no longer benefit from the participation of health insurance to finance their social security contributions.

The decree said that physicians in fee-free areas 2 (*) when developing their passing rates must respect the concept of "tact and moderation."This principle takes into account the patient's financial situation, the reputation of the specialist, the complexity and duration of medical procedure, the service rendered to the insured, and the average amount and the proportion of exceedances What colleagues introduced the physician in the same territory. Failure to respect this concept of "tact and moderation," the penalty will rise to between 100 doctors and 200% of excess charged.

The decree issued by the end of the year

If they are convinced of discrimination in access to care, the penalty is twice the maximum monthly Social Security or 5718 euros.For doctors who have not sent their patients written information prerequisite to the cost and terms of repayment of certain acts, it will cost a maximum of 100% of the excess charged for the act not informed.

A source at the Ministry of Health confirmed that a decree was being prepared. He could be released by the end of the year, but its content should still be subject to consultation. The framework for higher fees is the subject for several years of painstaking negotiations between health insurance, supplemental health and unions of physicians.

Unions and health insurance have scheduled a meeting Thursday to reach agreement before the deadline.MPs set them under the law Bachelot, adopted earlier this summer, a deadline of October 15, after which the government could decide only coaching overruns.

(*) The excess fees authorized for physicians called in "Area 2" means amounts above the rates for Social Security, which are based on reimbursements for patients.

"Overtaking fee: regional inequalities surprising

After the first American publications published last week, it was the turn of Europe to present their financial results for the third quarter. The Dutch Philips leads with results above analysts' expectations.

The group specializes in electronics and home appliances has announced a turnover of 5.62 billion euros, down 11% over third quarter 2008 but slightly above the consensus.It appears in net up 19% compared to sales of second quarter 2009.

Net profit reached 176 million euros, three times that of the same period in 2008 while analysts by Dow Jones Newswires had forecast about 45 million euro loss.

In the statement released Monday, Gerard Kleisterlee, president of Philips, notes the significant improvement in sales and profits in most of its activities in the previous quarter but remains cautious on the outlook in the short term absence of structural recovery on these same markets. The Philips Group employs 118,000 people in sixty countries and has made 26 billion euros in turnover in 2008.

After Philips, Electrolux is another giant appliances, which will publish its results in the day.The U.S. aluminum producer Alcoa opened the quarterly earnings season last Wednesday with results exceeding consensus expectations. This week should be decisive on the equity markets with the simultaneous publication of several large U.S. banks such as JPMorgan, Goldman Sachs and Citigroup Wednesday and Thursday.