Time to show its guts has only just begun

No one will complain that the floating title EADS is expanding. The sale by Lagardère and DaimlerChrysler of a portion of their positions but raises a question: Why buy the EADS when two of its historical and well informed shareholders sell massively The timing is good as EADS course appears to be installed on summits. But neither their current status or the projects of the two vendors do made urgent withdrawal. It is even surprising that intervene until the first A380 to be delivered and that is validated the positioning of the A350, two programs critical to Airbus, which remains the main source of profits of group. In addition, all uncertainty about the liquidity of the EADS title are not lifted, because Lagardère will be only very gradually, and the agreements that govern the Franco-German control remain. If one adds the reverse recorded by EADS on projects of accelerated consolidation of the European space industry and entry to the capital of Thales, the readability of its stock market history is rather to be reduced. The effect of "overhang" of a withdrawal of Lagardère and DaimlerChrysler has never been a serious handicap for the course of EADS. On the other hand, the need for a suite at the Airbus effect becomes urgent.

Cash and guts

Three years almost day to day after the death of his father, Arnaud Lagardère is tripe "guts" as the title of the new magazine which his group is a partner to its removal from the aircraft. The solution is creative tax plan, if not free, since dividends that Lagardère will continue to receive pay barely half of the interest of the bonds issued for return of 2 billion of cash. 15 Of EADS represented, far, the largest asset of the group, more than a third of the sum of its parts. The dynamics of the course of EADS has also proved very useful, especially since one year, in support of Lagardère who accuses despite a delay of 15 points on the CAC 40. Assignment of half is therefore both important to make the focus often announced, but not enough to erase all the holding discount which would suffer the title. As even deemed undervalued, media activities offer perspectives of growth insufficient to cause an immediate "rerating". For a group deemed not have large needs capital, this massive re-entry will particularly call many questions about their reemployment. Time to show its guts has only just begun.

Gallic fight

The stock exchange like required appointments. And with the NOC is well served on all plans. It is a ritual, every three years, the first insurer to people in France is a fight of round table. This does not prevent it to continue its road to giant, as evidenced by the improvement of 46 of its net income in 2005. After 2000 and 2003, 2006 must therefore bring its traditional lot of Gallic struggle between the cases of deposits, banks Epargne and post, its three major shareholders. The circumstances are appropriate. The falling-out between the CDC and the squirrel, which has negotiated in the back of the Rue de Lille his marriage with the Banques Populaires, gives the breath to the market to speculate on an output of the NOC of the stock market. This time, for the benefit of the CDC. This is to forget that the latter has no interest to purchase price very the insurer then deprive a distributor who produces 43 of its turnover in France, with the best growth rate. Even if the creation of La Banque Postale and the lifting of its flagship product should help to narrow the gap. However, the CDC can negotiate a trade pact with the squirrel longer faces until 2008. It would be great news for shareholders.