Both groups have in common a part of their activities

This is not because most of the marriages go wrong would waive celebrate them. The enthusiasm of investors to the announcement of Nokia and Siemens Networks telecom equipment are pleased to see. But the speed at which they have doubted the merger between Alcatel and Lucent, after have applauded it, should prompt caution: before even the recent shock market, Alcatel course had lost 10 on its previous levels! The new union is seemingly easier bases. Both groups have in common a part of their activities. The cultural gap between a Finnish and a German is probably less broad than between a European and an American, as Siemens already has a strong expertise of transnational joint ventures. Their marriage of equal is also more persuasive than the 60/40 for Alcatel-Lucent, even if the larger Siemens, had to be supportive to a 50-50 Division and he left the conduct of the household to the most cost-effective, Nokia. It does not prevent such operations cannot hide its defensive character and that, beyond the expected cost synergies, it is impossible to project market share to come on the basis of the current positions. Is that the day to verify that these unions hampered the ambitions of Chinese competitors that you will know if they were worth the joy.

The Summit and base

The accessory must not hide the essential. The exercise of their stock by leaders of EADS and the gains that they have learned before the collapse of the title polarized attention. It is yet to a minor episode in the heart of the crisis of confidence between the major shareholders of the European Group and the anonymous investors. The implicit Pact between the two was based on the assurance that the first wait to escape "the first impact of the commissioning of the A380 in 2007", in the words of Arnaud Lagardère. For reasons that they were never clearly explained, both Lagardère that DaimlerChrysler have accelerated the process, as soon as the widebody made its first flights, but well before the first deliveries to customers have validated the success of the program. It is this withdrawal, partial but premature, that date back to the doubts. It is also in the weeks that follow occur malfunctions of the chain of reporting and decision concerning delays in delivery. It is said that beyond the industrial problems and gaps managerial appeared in the real state in the State that is Airbus, there is a crisis of governance at the top of EADS. And that its solution depends on the credibility of the changes to the lower levels.

Little nerves

After have been known to take its time to bring also sensible and effective responses to the first offensive of Mittal Steel, Arcelor gives dangerous signs of nervousness since that indo-Dutch has improved its OPE. Make several billion euros to the shareholders to align with part cash offer Mittal had an undeniable interest if not consecutively giving the keys of Arcelor to Severstal. Not to offer the opportunity to Arcelor shareholders deciding by a vote for or against this marriage represented another step of clerc. Caught in his own branch of Arcelor thus began in a position to see its share buyback project blocked in the General Assembly. Not so much because its principle is detrimental to shareholders, but rather because it would put Severstal from 32 to 38 of Arcelor, giving it control in fact without premium pay or have to launch public offer. Entangled in its multiple assemblies, Arcelor thus appears more fragile and moves at the mercy of Mittal has more than to make a small gesture to convince lost shareholders.