All for one, everyone for himself! It was clearly the principle of the creation of Natixis amalgamating Caisses d'Epargne and Banques Populaires wholesale banks while preserving the autonomy of their two networks of retail. The fact that Natixis also holds 20 of each of the two networks however appeared as the sketch of a stronger reconciliation possible in the future. As the new group involved the establishment of common plants developing products for the networks. Insurance, credit to the consumer and real estate services could offer great promise in this area. By purchasing only Foncia, the number one real estate services (rental management and transaction), the Banques Populaires prefer clearly strengthen their pre square in retail banking. The operation which could represent an investment of EUR 1.2 billion, after the maintenance of course, is 33 times the benefits of 2006 and 27 times those expected this year, is justified by the synergies available between the portfolio of clients of Foncia (1 million) and of Banques Populaires (7 million), insurance and credit including. An operation which therefore could have been made in cooperation with Caisses d'Epargne.
GE full throttle
Small streams make large rivers. Leading player of aeronautical equipment from its aircraft engine division, GE is strengthens in flight assistance techniques and computer programs embedded by acquiring a part of British Smiths. Of course, the movement is modest compared to the great leap forward that would have been the purchase of Honeywell, prevented by Brussels five years ago. With 4.8 billion on the table to return to an entity that performs 2.4 billion of turnover, Jeffrey Immelt did also not hesitate to draw on her piggy bank to seduce the management and shareholders of Smiths. It is true that GE has the resources for its ambitions since the only sale of its plastics division is expected to bring $ 10 billion. By giving high price this activity to strengthen after energy, in another of its sectors of excellence, GE is probably a good arbitration. Well introduced in Boeing as at Airbus, Smiths participates in major programs for the future as the B787 and the A380, and his skills extend to military aircraft. Procurement and administrative expenses with GE Aviation synergies will also boost the margins of Smiths, while the group will continue as one of the key builders interlocutors in a still very crumbled the OEM market.
Very expensive services
Even in Switzerland where it is practiced, the walk in altitude requires great endurance. Worn by its growth its operating profit increased by five years of 425! SGS operates on stock highs for a long time. Inspection, testing and certification services champion took much ahead of the major Swiss values, both in absolute and capitalization of profits. Makes it sensitive to each appointment on its results, because the slightest variance can be penalised by catches of benefit. This was the case in the first half, but the 2006 full year has been better allowed. The "rise of stairs" is impeccable, since the number of employees, variable key services, rising 11 to the net profit ( 19.4), passing by turnover ( 15.5). With a margin rate who took best 1.6 point and a good balance between internal growth and acquisitions, the SMS profile remains dynamic and reassuring: its breakthrough in the oil and gas industry services, now its largest division, indeed even a value to the mode. All this would seem perhaps more accessible if the title was not nominally the most expensive Zurich index. A 1,400 francs Swiss exhibit, or 870 euros, it is more than 4 times Vallourec or Air Liquide, the most expensive of the CAC 40.