Severstal would then be at the foot of the wall

The future, it is often not falling asleep on his laurels. The Allianz Group decided to delete 7,500 jobs despite its 4.4 billion euros in profits, if that appearances can be deceiving. Only conditions, but by definition fragile financial markets and loss experience explains these good results. While the Group has lost a million customers in Germany in a few years, it is clear that a rationalization of its home network is required to reduce its costs, make more competitive rates and win back customers. Bring its 21 to 10 regional branches bringing together under one roof damage insurance, life and health, leaves to remove 16 of the German workforce, is thus a safeguard measure. Even further reduce 9 those of Dresdner, already amputated by a third in recent years, is nothing excessive. Its focus on individuals and SMEs should indeed simply attain a level of return on equity of 12 in 2008, is half that of Deutsche Bank and 40 less than SocGen or BNP Paribas! As the 500 million of cost of these measures will be funded by the capital gain realised with Schering and will generate 500 million in savings per year, shareholders should largely take advantage.

Shot on goal

The best defence is not always the attack. When he wanted too do to counter the offensive of Mittal Steel, leaders and administrators of Arcelor are put in a corner. Their indecision led the stock market authorities to suspend the rating of the title, and later to approve the "improved" terms of rapprochement with their Russian ally Severstal, they now seem to focus all their hopes on improved Mittal offer. Of aggressor, indo-Dutch group has thus been transformed into virtual White Knight to escape proof see shareholders reject marriage with Severstal. But to take full advantage of the purpose by the Board of Arcelor on his camp, Mittal must still pass a penalty. Is it increases the share paper of its offering of a tenth from 1 to 1.1 action Mittal 1 action Arcelor and the share in cash 20, from 10 to 12 euros per title, it will provide overall 41 euros per share Arcelor. The terms that should satisfy investors. It would thus retain 43 of the capital of the new group instead of 45, for output of cash limited to 7.7 billion, which is very comfortable. Severstal would then be at the foot of the wall. It should either waive, either which seems unlikely launching an offer in due form higher than that of Mittal.

Strength of materials

Ductility the property of a material to be stretched without breaking everything in keeping its flexibility is not exclusive to metal, or textile. It characterized a new generation of concretes that fascinates both Bruno Lafont, the new Director of Lafarge, she inspires its strategy. The first version of his plan to 2008 was judged a little gross stripping. The second was clearly refined to convince that from a same material its major acquisitions past and the repurchase of its minority Americans Lafarge can get much better that what has been extracted so far. More daring in its cost reductions, more rigorous in the use of its capital, Lafarge wants to take advantage of its current perimeter and sustained growth of the emerging to be not only the largest, but also the most profitable and fastest of the cement. Moving from 8 to 10 the goal of annual growth of earnings per share and returned to the double in seven years instead of nine. This will speed up is probably as much the ambition of a new team of Albert became brother first shareholder pressure. I don't care. It remains to check that the effort applied to the structure makes it more attractive without break.