Sundial of world news

The situation is now clarified. The U.S. company Electronic Arts, publisher of The Sims and sports games like Fifa 10, announced Friday the sale of its share of almost 15% in Ubisoft Entertainment, the leading European video games. According to Reuters, the Swiss bank UBS have been mandated to oversee the operation.

"Electronic Arts (EA) has decided to sell its stake in Ubisoft Entertainment. Our strategic priorities have changed since the initial investment, "said a spokesman for the American group in Europe, in an email sent to news agencies.

Returning to the capital of Ubisoft in 2004 through an unsolicited transaction, the Californian publisher therefore gives up its largest shareholder at the Guillemot family which owned 11.3% stake in European company in May, according to data from Thomson Reuters . Electronic Arts, meanwhile, held 14.82% stake in Ubisoft.

Electronic Arts refocuses its strategy

The American, whose sales have shrunk in late 2009, still on track to reducing costs and streamlining its business. Electronic Arts had already announced it will cut 1,500 jobs in November, and its intention to focus on fewer games. He also wants to expand its content and services online. By disengaging from Ubisoft, the group shows that this participation was more strategic for him, but merely financial.

The news did not surprise analysts sphere. Asked by Reuters, Richard Beaudoux, analyst at Natixis Securities value, said that Electronic Arts "has probably said it was an opportune time to clarify his situation.Last March, the voting rights of the American group had declined due to internal redeployment from 23.5% to 13.2%, said the analyst, for whom this "already showed that (Electronic Arts, Ed) sought to sell its " bad credit payday loans.

Situation clarified for Ubisoft

For Ubisoft, the announcement is good news, said Richard Beaudoux. The European publisher never managed to agree on strategy or on a redemption price, he said. The departure from Electronic Arts releases is the situation. Ubisoft and thus finds greater liquidity and freedom of decision in its strategy, concludes the analyst Natixis Securities.

If Electronic Arts shareholder seemed natural to Ubisoft, the disengagement of American might allow other investors to take a closer look at Ubisoft, says a trader.The Disney group or investment fund Elevation Partners are among the names of potential investors cited regularly.

"We wanted to stay independent"

"It's rather good news for us since we wanted to stay independent," a spokesman assured Ubisoft AFP. The latter did not say who would the purchaser of such shares or the amount and date of the transaction.

Ubisoft therefore creates a surprise for the second time this week. The video game publisher announced Tuesday a turnover of 160 million euros for its first quarter of 2010-2011 (April-June), up 93%. A performance well above its own expectations. Around 3:00 p.m. this Friday, Ubisoft's action, however, lost 1.32% to 6.88 euros.

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The EPR, the flagship of the French nuclear technology, today faces an unprecedented wave of questions. After the failure of tendering Abu Dhabi and pending report Roussely devoted to the articulation of the French industry, design, price and export capacity of this tool crystallize debates . To the point that some observers, the EPR would already hit the "syndrome Concorde: a powerful engine sure, but difficult to assemble, expensive and unmarketable credit report.

Provisions repeated Areva's Olkiluoto site have largely supported this suspicion. But, after Finland, behold, the EPR Flamanville, built by EDF, also maintains the possibility of "industrial accident".

The French committee of manufacturers (CCFA) set the tone by announcing in May the first decline in the market over one year with a sales decline of 11.5% in the month of May On Thursday, the CCFA should announce at 24:01 new track to exit the sector with a heavy fall in the market about 10% in June according to preliminary figures announced by BFM. In its Thursday edition, the Parisian is a little less pessimistic and foresees a decline of 7.5%.

Throughout the first half, however, sales are expected to increase by 4% thanks to good figures at the beginning of the year. In the first quarter, the premium had already broken down, but the manufacturers had assured compensation. Result: the market had increased by 16.9%. The second quarter would be less attractive, the end of car scrapping seriously starting to feel their effects.

Renault is doing well

As for manufacturers, all the French have won market share. Renault is the one who gets the better of the game's pin manufacturer would have gained 1% market share. On June alone, its subsidiary Dacia has sold as many cars than the whole of 2009. According to Bernard Cambier, director of sales Renault France, the Sandero is indeed the best-selling car in France. In total, Dacia would hand over 5% of the French market.

As for foreign carmakers, Volkswagen resist well. Exports of German cars rose 46% in the month of May

Scrappage EUR 500

According to BFM, the prospects are not reassuring. In the second half, the reduction would be 20%. Nevertheless, the number of cars sold would be even higher CUX 2007 and 2008.For the full year 2010, the decline would be 10%.

The market expected a backlash over the second half of the year. The July 1 heralds a new drop in scrap bonus which amounts to 700 euros to 500 euros. More government aid declining, manufacturers are less able to compensate. In Europe, the example of Germany left pointing to an already difficult year-end. The country, which ended the scrappage scheme in September 2009, showed a slump of 34% of registrations in the month of May.

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Monday, Le Monde has turned a page of his story in a calm atmosphere. Once is not custom. Upon completion of the supervisory boards of the World, offers the trio Pierre Berge, Xavier Niel and Matthew Pigasse ("BNP") received 11 votes. The other nine votes abstained. Employee representatives had 9 votes, and Louis Schweitzer, Chairman of the Supervisory Board, which made the difference in making its voice and that entrusted to him by Claude Perdriel, boss Le Nouvel Observateur and unsuccessful candidate for the resumption of the World.Louis Schweitzer has done everything to ensure that The World is lost in a new crisis between the employees and field representatives (Lagardère and Prisa, La Stampa, Pierre Lescure, Jean-Louis Beffa …).

Over the weekend, in the daily columns, he emphasized the seriousness of the financial situation and warned: "I hope there will be convergence." At the end of the supervisory board, Gilles Van Kote The president of the Society of Editors (RS) welcomed "the gesture of a great lord of Claude Perdriel, which withdrew its offer and voted for its competitors. On Monday morning, Claude Perdriel and Orange announced they were withdrawing their offer, drawing the lesson of the plebiscite of employees of the World for the trio "BNP".Into effect on Friday, the different societies of staff (Le Monde, Le Monde Interactif, Telerama, Courrier International, employees, managers …) have spoken overwhelmingly (between 80 and 91%% for the Society of Editors of World) for the trio Pierre Berge, Xavier Niel and Matthew Pigasse. After the vote, will open exclusive talks with the trio BNP. Beforehand, prospective buyers are, as they had committed 10 million euro move before July 5 to cross to Le Monde's financial deadlines July 10 and have enough money to take all summer ."Then, in late July or early September a new supervisory board will endorse the negotiations and the deal should be finalized in late September or early October," said Gilles Van Kote.

Negotiations with Lagardère and Prisa

In total, Pierre Berge, Xavier Niel and Matthew Pigasse provide 110 million euros. Therefore, they will control 64.65% of capital. For the first time in the history of the world, workers will abandon the majority stake and control group. The trio "BNP" had taken the measure of the importance of this decision. That is why he insisted on preserving the editorial independence of publications group. Better, it should make a gesture in their favor.Pierre Berge has promised to create a foundation with 10 million euros destined to gradually increase the share of employees to 33%.

With other shareholders, Lagardère and Prisa, also diluted, dialogue should engage. Following the recapitalization, Lagardere will have only 5.86% of capital, and Prisa 5.1%. Lagardère cons grin and heart. In the vote, he refrained. "This is a position consistent with what we've always said. We did not oppose the rescue of the World while taking care to safeguard our interests, "responded Khiroun Ramzy, the group's spokesman. However, Lagardere clearly leaning in favor of the trio Perdriel, Prisa, Orange, with whom he had begun negotiations for the acquisition of its stake in the holding company and Le Monde Interactif. In total, he was to receive nearly 40 million euros. The trio "BNP", everything remains to be done."The investors must now specify their intentions. Everything depends on the proposals they will make us, "adds the group. However, the trio "BNP" remained unclear. If he says he must "return to the activity in the digital world", it does not specify the amount he is prepared to pay to redeem the 34% of Lagardère in Le Monde Interactif.

The other loser is the media giant Prisa Spanish. The group led by Juan Luis Cebrian came late in the battle alongside Claude Perdriel and Orange. He has to defend its interests in the holding head. But his stance in favor of an issue of the daily morning have undermined his bid.

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While Wall Street has ended sharply higher on Thursday evening, and the Asian stock markets move in the green, the Paris Bourse, which also took over Thursday evening colors, the trend should be confirmed on Friday morning, but surely more timidly.

The CAC 40, ending up over 2% yesterday, managed to climb beyond 3,500 points. Sign of the return of investors, the volumes are recovering. About 4.5 billion changed hands on the great values of the Paris stock exchange Thursday.

In Europe, the announcement by Jean Claude Trichet, president of the European Central Bank revised upwards its growth forecast for 2010 to 1% against 0.8% previously, has reassured investors.

Jean-Claude Trichet also reiterated its confidence in the euro, a currency "very credible".On the foreign exchange market, the euro, good barometer of market confidence returning the land to more than $ 1.21. On Friday morning, about 7:15, the euro does not move too much, and gold trading at around 1217 dollars per ounce.

Statistics follow

In France this morning, inflation will be unveiled by INSEE for the month of May, at the same time as the balance of payments in April (Bank of France).

In the eurozone, this balance will be issued for the entire quarter at 11:00.

While in the U.S., sales details in May, which will be published at 14.30, will be as usual well attended, and the second estimate of the confidence index from the University of Michigan for the month May, at 15:55.Five minutes later, it is the stocks and sales of companies in April will be known.

Club Med lots of red heads for China

Club Mediterranean in the first half of its 2009/2010 financial year ended in April with net income of 3 million euros, against 22 million loss a year earlier, in a European tourist market "sluggish" and despite the impact Icelandic cloud, "he said Friday in a statement. In addition, the group discusses with a Chinese group ready to open its capital, according to management.

EDF CEO Henri Proglio will meet this Friday, Gazprom CEO Alexei Miller to discuss the pipeline project Southstream. Alexei Miller said one option would be for EDF to take a 10% stake in Southstream.

Moreover, the computer giant HP has partnered with a subsidiary of EDF to provide businesses with "Pod", aka Performance Optimized Datacenter, installed computer labs in containers.

Lagardere Lagardere announced the signing of a Memorandum of Understanding for the final disposal of the television 17 to Bolloré Virgin Media.

The manufacturer Renault has confirmed the reports of Figaro on the appointment of Dominique Thormann the position of Financial Director Replacment Thierry Moulonguet.

Peugeot Thursday, hail crippled the manufacturer's plant in Sochaux. The group has not yet quantified the shortfall.6000 employees are laid off.

With STMicroelectronics Soitec could could hold the attention after the Semiconductor Industry Association (SIA) has estimated that worldwide sales of semiconductors will grow by 28.4% to 290.5 billion dollars in 2010 thanks to strong demand from emerging countries.

Banking Profession, held in the IIR, said that the regulation being developed in Basel will have a massive impact on growth, particularly in the euro area.

Societe Generale Kerviel At trial, the atmosphere is electric. The ex-trader annoys the President and General Counsel of the Company to show nervous.

Pharmaceutical companies across Europe, governments are spending on health to reduce their deficit. France is no exception. The government fell in April the rate of return of 200 drugs.He also announced a few days ago to further declines in commodity prices, in order to save 100 million euros by December.

Le Figaro: What has motivated the association between Cidelec and Megaman in France?

Eric Louis – Megaman held its European network with an exclusive agent in each country. Cidelec is one of them. This choice allows Mega Man to keep the necessary flexibility and demand characteristics of each market and French market as we are concerned.

Cidelec side, why did you choose to import these products?

Megaman seeks innovative and impeccable quality of these products. Megaman is the only brand to produce all of its range in its plants and thus to control the entire production. Megaman, since its inception in 1994, is the only major manufacturer to produce only energy saving lamps. Megaman is now distributed in over 80 countries worldwide.Neonlite company holding the brand Megaman is a foundation devoted to sustainable development and education. All the company's profits are either reinvested in research and development to constantly improve our offer to be invested in associations and organizations dedicated to sustainable development and education. That all of these common values that we have decided to work together.

What standards are in force in Chinese factories?

Brand eco-citizen, Mega Man has all the international certifications (Management ISO9001, ISO14001 Environment …). Product quality is monitored by camera 24 24 to check life products. Each lamp undergoes a final test run of 30 minutes before being shipped. We guarantee maximum control to ensure the safety of users.Megaman fully involved in the preservation of the environment. In France, the Fondation Nicolas Hulot and Megaman have signed an exclusive partnership, Megaman pledging to support the actions of the Fondation Nicolas Hulot, the program "Climate and Energy Economy."

What are the characteristics of LED lamps for Megaman?

Megaman Lamps LED products have several advantages that allow them to make a difference on the market. Lasting up to 30,000 hours of life, they are a lasting solution with a rapid return on investment (an LED is made profitable in 6 months for professional use in 24/24).

LEDs are available in two Megaman shades of color: warm white (2800K) to habitat, and cool white (4000k) for tertiary No fax pay day loan.They enjoy exceptional color rendering, up to 92 in cool white. Megaman guarantees stability of the color temperature (+ / – 100K) at the end of life as the norm on the market is closer to 400k.

Thanks to the patented technology TCH (Thermal Conductive Highway), LEDs Megaman receive a reduced heater with heat dissipation from the surface and through the radiator reflector. The heater does not thereby exceed 70 ° C.

The use of 2 parallel circuits containing 64 micro-LED with different colors each can obtain a uniform light, diffuse and tasks without shadows.

What is your market share in France? Which circuit are you distributing?

Concerning the market for LEDs in general, we believe our market share to 3.5% (all types of lighting combined). This share reached 5.6% in supermarkets for DIY.Megaman has developed a range of LEDs Premium specially dedicated to the public. It will be available in the second half of 2010.

What are the strengths of your LEDs to the general public in a market coveted by the biggest names in electronica?

In a lifetime of 20 000 hours, the LED array Premium Megaman is specially designed for the needs of the general public. In a low energy consumption (from 5W) and enjoying a high quality diffuse light, it fits the budgets of households. After an initial investment, the consumer may benefit from use of nearly 20 years (3 hours per day) with minimum power consumption: more than 80% energy savings.

A few words about ELS …

Today ELS employs over 600 employees including 100 people outside China with offices in France, Spain, Great Britain and the United States.The ELS Group is dedicated to the marketing of lighting sources and recyclable energy saving. The desire to ELS is to offer its customers attractive products and efficient while respecting the values of man and nature. ELS CIDELEC parent company, then developed on the European market, South and North American, Australian … we have also set up a factory lights in Guangdong Province so naturally our headquarters needs to be central to So its activities in Hong Kong.

From our Washington correspondent

General Motors (GM) hopes to return to profit this year. But, for the six months following its release from bankruptcy – that is to say the second half of 2009 – the American manufacturer said Wednesday losses of 4.3 billion. A deficit can be explained by the accounting impact of one-off payment of 2.6 billion dollars to fund medical expenses of its workers unionized. Losses in the second half to add 88 billion of accumulated losses reported by GM since 2005. Fallen giant, which reveals for the first time since its release its finances in bankruptcy, however, is reassuring in terms of "positive cash flow of one billion dollars."GM will release its 2010 first quarter results next month.

The largest U.S. auto also Wednesday renewed his promise to repay the U.S. Treasury $ 4.7 billion by next June. This is the outstanding amount of loans to support its radical reorganization and exit bankruptcy instant payday loan. But the bulk of 50 billion dollars of state aid to GM has been converted into shares. The Treasury, which holds 61% stake in the manufacturer, hopes that conditions will be reunited as quickly as possible to divest this anachronistic situation through a grant from the reintroduction Detroit giant."We have important work to achieve but we are building the foundations that we will be re-listed," said Chris Liddell, the new group finance director, Microsoft hired by GM's new boss, Ed Whitacre .

Moving faster than expected GM bankruptcy has eliminated most of its debts and reduce its cost of labor. If we do not consider brands that are being abandoned, like Pontiac, Hummer and Saturn, GM sales are recovering.

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About to change hands, the London department store Liberty has recovered dramatically last year. After ten years of losses, the Corporation generated positive operating income, while net income remains in the red (loss of5, 14 million pounds, or 5.71 million euros), due to debt and amortization important. The turnover, he flew 20%, A59, 6million pounds (66.26 million euros) in a context that difficult to eat.

Liberty is therefore in better shape, while its owner since 2000, the real estate magnate and hotel Richard Balfour-Lynn, announced in the middle of last year its intention to sell.

Among the candidates, the investment fund Capital BlueGem seems to hold the rope. Led by the former head of Merrill Lynch Global Private Equity, Marco Capello, he would have offered more than 40million euros.Much more than the other contenders, which include Robert Bensoussan, the former leader of the Jimmy Choo shoe, or the Chinese textile giant Li & Fung. Discussions in the home straight, could result in the month of April.

Liberty is a non-standard British heritage. En1875 Arthur Liberty opened his bazaar East India House on Regent Street between Piccadilly and Oxford Circus cash till payday. The Tudor style building is constructed from wood of two ships of the Royal Navy. This beautiful building has just been sold by a group Liberty Property German 46millions books, teaches becoming tenant of the premises. Inside the store, marked by a maze of elegant woodwork was redone last year.There is a sharp selection of fashion products, design and beauty.

"Avant-garde and accessible"

"We refocused on the cutting edge and accessible, with original designers not found elsewhere in order to rejuvenate our customers," says French of Geoffrey Labourdonnaye, former Christian Lacroix, who runs the company. This strategy of "renaissance" that he initiated continues to pay: he said the first quarter of 2010 shows trends "excellent", higher than last year. Liberty has refocused on its flagship store, after closing its Annex district of Knightsbridge. Moreover, the brand is known for its floral fabric that made the heyday of Cacharel, again in full in the trend. Sales of printed Liberty, which weigh one third of total revenue, surged DE23% in 2009.

The NYSE opened up Monday, preparing to end the quarter and a week shortened because of Easter. At the opening, the Dow Jones gained 0.39% and the Nasdaq 0.54%. The Standard & Poor's 500 up 0.51% (5.99 points) to 1172.58 points.

The U.S. markets have ended on a stable note Friday. The Dow Jones gained 0.08% to 10850, 36 and the Nasdaq 100 0.18% to 1952.63. The values of consumer durables and clothing and basic materials have gained ground.Conversely, those software and services and facilities and health services have been abused.

For U.S. investors await today in early afternoon revenues and expenditures of households for the month of February.

But the main highlight of the week on the macroeconomic level is expected Friday with the release of monthly statistics of unemployment in the United States. The U.S. markets will be closed as usual April 2 for the Friday that precedes Easter. Investors can therefore respond to the employment figures as the following week. They should focus their attention until the "Leading indicators of employment 'perception of the labor market by households, with the Conference Board survey from Tuesday, then the number of ADP private practice Wednesday.According to the makers of "Aurel BGC, the consensus of economists expect a sharp rebound in job creation." But, "this movement is partly technical, related to the reintegration of people who temporarily lost their jobs because of weather conditions in February …" add the specialists Aurel BGC.

Other key indicators of the week will be Tuesday house prices and an estimate of consumer confidence, Wednesday the index of activity in the Chicago area and the numbers of orders in February no teletrack payday loan.Thursday last week's meeting, the market will focus on the ISM index of manufacturing activity and construction spending in March.

On the currency markets, the euro continued to recover against the greenback after the announcement last Thursday of an agreement between the countries of the eurozone to help Greece with the participation of the IMF. The euro was trading above $ 1.34 in the morning.

The values listed, Chinese, Geely signed Sunday an agreement with Ford on the acquisition of Volvo cars. The sale had been expected for several weeks, the Geely group wishing to build a Volvo plant in Beijing for its domestic market. Ford said the transaction was $ 1.8 billion and would be finalized during the third quarter.By selling Volvo, bought 6.45 billion dollars in 1999, and Ford sells the latest brand of upscale pole he had wanted to be and which also included Aston Martin, Jaguar and Land Rover.

According to the Sunday Telegraph newspaper, Verizon Communications, the second mobile operator in the United States, is in talks to merge with Vodafone.

Companies are also starting to communicate on the cost of health reform. AT & T announced a provision of 1 billion, Caterpillar announced a 100 million dollars and Deere & Co, an extraordinary expense of 150 million. The impact of this legislation on corporate performance is difficult to estimate the short term. The new law eliminates many tax deductions that companies used to reduce health costs for retirees.

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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