From 2005 to 2006 the dollar has appreciated by 8

Gerard Kleisterlee joined Philips head for five years and, a priori, there before him as to his position. It is surely not a chance that, halfway through its mandate, it urges the Dutch conglomerate in the last phase of the operation that will transform the most profile: the withdrawal of the semiconductor. It took long prior work to prepare the group to separate a division which weighs only 15 of its sales, but is located in the heart of its R & D investments. And it will remain to Gerard Kleisterlee enough time to appreciate at its just value the future Philips, released from exposure to the cycles of electronics, engaged in technology applied to health and daily living products. The calendar plays in its favor. Semiconductor market is in a reasonable shape and restructuring carried out for years, intensified in recent months should lead its division to profitability that it was not known for a long time, at the same time where she will leave the group. The ideal would be to double the operation of a rapprochement with another actor of sector. But by increasing yesterday of 1.4 billion capitalization of Philips on the only prospect of an introduction on the stock market before the end of the year, investors have already expressed their confidence in the store of value that will be released.

The American challenge of Ahold

When such as Ahold, 75 of its turnover in the United States, the evolution of parity entering can make all the difference. From 2005 to 2006, the dollar has appreciated by 8.3, which relativizes already increased 8.5 of its sales in euros that displays the Dutch group for the first quarter. Exempt the same effect, the results of its American supermarket chains are receding, rather than appear stable in euro. There is little that US Foodservice, food supply activity, presenting a result in strong growth, but at 1.3 of sales, the margin is so sluggish that the relief is not acquired. To add to the low readability of accounts, 15 of profits are non-recurring items, in particular real estate capital gains on both sides of the Atlantic. The only real good news is the performance of Ahold on its domestic market, where the results of the chain Albert Heijn is progressing three times faster than sales. But as it is only 15 of the group, it is insufficient lever to raise its value. Among the European values of distribution that, overall, are struggling to find their usual place in the choice of investors, Ahold is a personal challenge to the United States that complicates it the task.

Russian Billiards

The best is sometimes the enemy of the good. The substantial modification of the terms of the reconciliation of Severstal with Arcelor, approved unanimously by the Council of the Luxembourg who warmly recommended to its shareholders, ten days ago, is double-edged. If it is a step in a direction favourable to Arcelor shareholders, it also shows how some of them were right to criticize the alliance proposed by management. In less than two weeks, Alexey Mordashov is ready to barter 90 of his group against 210 million of Arcelor shares instead of 295 million before shows how the first agreement was to be generous in its regard, even if it pays more at the same time EUR 1 billion in cash. He gave up further its requirements to preside over a new strategic Committee but found his freedom to vote as he will appear at general meetings is double-edged. Given the strong scattering of the capital of Arcelor, with 25 against 32 in the original schema, the Russian shareholder would still control in fact it may thus user as it sees fit without the need to get beyond the third of the shares. Which relativizes his ultimate concession in this case launch a public offer on all of the capital.