June 5, 2012 4:52 AM
The logic of the State shareholders remain sealed. In the case of gas of France, fake public service which affects all the citizens, organized the scarcity by limiting to 20 the share of capital introduced on the stock exchange, while emphasizing better equipped individual with some institutional shareholders to assess a complex folder. Result: an outbreak of the title as early as the first ratings which suggests that the case was not sold to the cheap good buyers. In the case of motorways, that any motorist and economic model which are real vectors of land-use planning, the general public is excluded. And the call for tenders will reserve this placement to high performance and limited risk professionals! Look for the error. We understand that the Government has desired open auctions up of actors, including financial and foreign, and thus take his distances with the French construction majors who is were a little quickly divided roles in corporations of motorways. But the shares between suitors that he is about to achieve in a few weeks, in a procedure that will be never quite transparent, the stock market could very well take care over time, once the privatizations carried out with individual investors, and in view of publicly discussed projects. This would have been a unique way to combine citizen democracy and shareholder.
The resilience of the conglomerate
The biggest capitalization in the world cannot give what she has. Despite stunning performance for its size, General Electric displays a rather dull stock market course. Wall Street mixed reaction to the latest quarterly results, evolution over long period is talking. Since Jeffrey Immelt took control in September 2001, the course of GE declined 12 while the & Standard Poor's 500 index increased by 11. While continuing the tradition of acquisitions $ 60 billion in less than four years the successor to Jack Welch has yet demonstrated that GE was also superior to the average internal growth and innovation capabilities. He has not convinced so far for two main reasons. On the one hand, the progress of the profits has indeed slowed, closer to 10 per year as of 15 and more than era Welch: the course, which capitalizes already 19 times the benefit of this year, has so little progress. On the other hand, when GE goes well, America is going well, but the reverse is true. This is when the economy turns slower conglomerate offers his best profile, as a strong resilience, through its various activities and its growth outside the United States reserves. It is a circumstance which will occur one day or another.
Small acquisitions may raise broad issues. The scale of Novartis, the 660 million disbursed for products without prescription of Bristol-Myers in the United States are little. The Swiss pharmacist had to hire 12 times more to double in the generic, and it was particularly ready to align one hundred times more there is a little more than a year to conquer Aventis to Sanofi-Synthelabo. But, as this last battle seemed natural in a world leader in strategy, so these peripheral shopping are poorly their place in the usual model of valorisation of the pharmacy. Generic and counter medicines represent more than one third of the sales of Novartis, with margins almost twice lower than those of conventional medications. They are one and the other less greedy in spending for research and marketing, and their growing relative weight was designed to reduce the risk profile of the group while huge clouds accumulated above the pharmacy. Novartis has much less benefited from the recent return to Grace Fellowship sector than its competitors. Let's start with rock, whose course has grown three times faster since three months, capitalization ratios are 50 higher, and which emerged from the activities that Novartis strengthens.