Between Cayenne and CanossaIt is only the rich and yet

The Tarpeian rock is near the Capitol and Jean-Bernard Lafonta, pattern of Wendel, blame themselves every day to be too near the edge. In settling in Saint-Gobain, it violated article 1 of the Constitution of the holdings of the balance of risks. The faux pas of the former advisor to Ségolène Royal is all the more regrettable that Stallergènes results, the second European manufacturer of antiallergic drugs held 47 by Wendel, came yesterday to point once again remember how the life of the eponymous family could have been a quiet river. Installed on a niche carrier and well defended, the terror of installed sur un sur un la sur une progression de 8 à 10 de son chiffre d' affaires la la sur une progression de 8 à 10 de son chiffre d' affaires on an increase of 8 to 10 of its turnover this year as in example Bureau Veritas. Unfortunately, these flowers are part of a bouquet where also the Legrand, the Deutsch or Oranje-Nassau, which is hardened when he was Deputy this as stifling as foreign body is 18 participation in Saint-Gobain. Today, the only Stallergènes with sales of 170 million weighs more than half of the market capitalization of the Wendel himself group whose turnover is thirty times! While the action of Wendel had quadrupled since the arrival of Lafonta in September 2001 from 35 to 140 euros, its unfortunate incursion, has since led to its division by 6 less than 20 euros. Of Auditors is thus time.

Between Cayenne and Canossa

It is only the rich, and yet... With this sense of timing which had allowed him last October to mow a few billion euros on the back of the "hedge funds" have speculated down title Volkswagen, Porsche yesterday 10 to 12.5 billion of bank loans at the time, even where Renault, Peugeot and Fiat were refinanced degraded "junk bonds" by the rating agency Fitch. The German manufacturer can however boast a situation which is much more desirable than that of his colleagues. The manufacturer of the Cayman will not escape the teeth of the crisis, which could bring down the automobile market of 15 in Europe and more than 20 this year in the United States. If the stock market immediately interpreted the new line of credit as the probability that the Stuttgart group exercises a portion of its options for snack still 25 of the capital of VW it already controls 50.8, the reality could be different. According to Morgan Stanley, the producer of the Cayenne could not consume from 6 billion of cash this year, while VW, after having burned nearly as much, might run out of fuel for its industrial activity from mid-2010. We understand that, to go to Canossa, the banks are three times as many as two years for a credit to a maximum two-year horizon.

Weights and measures

Last year, a study has shown that the Spanish were slightly oversized to the European standard sizes and had more difficulties than their French or British counterparts to the requirements of the "small" and the "extra-small". The Government seized of the case, considering a modification of the system of measures to avoid the danger of dietary practices that this challenge of a new type could lead. The Inditex Group, parent of Zara, the first couturier of the peninsula, him, kept the bel appetite which allows this year to compete for the title of first gap chain clothing world. Sales of EUR 10.4 billion, up 10 in 2008 are more remote from 300 million from the American. Crisis or no crisis, the flexibility of his model, his lack of debt and the lightness of its tariffs helped to offset the gloom of the textiles in General, and Iberian in particular, so it performs more than one third of its sales in his native country. Between Gap and him, the market decided by giving a value almost triple that of the King of the "baggy" pants, while the two were the same weight four years ago.