The site is more complex than a cost reduction program

By removing the map Pechiney, Alcan had the impression that the old Europe had abandoned the aluminum in the new world. But the dominance at the top of the tandem formed by the American Alcoa and the Canadian Alcan was of short duration. In partnering with countryman Sual and Glencore Switzerland, giant Rusal will pull themselves to the world, overlooking its two competitors from across the Atlantic. With its own resources in bauxite and energy the sinews of war at a price defying any competition aluminum, the new group a look. Controlled 88 by two oligarchs who are their wealth to their proximity to the successive masters the Kremlin, Yeltsin and Putin, UCR suffer while same congenital disabilities than their counterparts of the oil and steel. But the presence of the Swiss Glencore 12 in the capital will give a first anointing of capitalist respectability before diving in eighteen months, in the great bath of the London market. His ambition to diversify into other minerals could give new cold sweat to the Northern Giants already significantly abused by the rising stars of the South.

Inbred marriage

It is better to have the resources for its ambitions. By launching an offer unsolicited on Scania, the German conglomerate MAN was attracted to at the outset the hostility of the two main shareholders, Volkswagen and the Swedish Wallenberg family. He had another option to retreat or to substantially increase its offer. Having proposed 9.6 billion euros, almost as much as its own value, it had little room for improvement. Taking 15 of MAN, which weighs 60 less than him on the stock exchange, VW could however blur card and put the assets in his game. Become first shareholder in conglomerate and still have the means to strengthen, he could only convince MAN activist for a marriage to three including its Brazilian subsidiary of heavy weight. The new group, WAC first in the European and could identify more than 500 million euros of annual synergies, has what charm shareholders. But all are not housed in the same sign. Because of its weight among the three boyfriends, Volkswagen would clearly be the master of the places. In contrast, the Wallenberg family could nonetheless get too diluted in the new set.

Emergency summit

To measure the perplexity of the anonymous shareholders of EADS, imagine the serenity of those of BAE Systems. They come to vote at 99.85 assignment of their 20 in Airbus. Perhaps will they spend next to vast profits in ten years. At least they came out with 1.750 million of euros more cash, a beautiful story which turns to the wrong paper. Christian Streiff, Airbus boss for three months, left his post a few hours after having received the support of the French Prime Minister ends to accredit the worst case scenario: far from being a crisis of growth confined to Assembly workshops, this is a complete vacancy in leadership. Between all the implausibilities, difficult to decide which is the worst. A consistent leader detonates a second time in flight or to a power system which leads to give Airbus a man ill prepared for the specificities of EADS and incapable of diplomacy necessary to transform. A priori, the choice of Louis Gallois seems excellent to pick up the pieces. Provided that the involved Governments and large shareholders are emergency household in their ulterior, their differences and their respective incompetence. The site is more complex than a cost reduction program.