Investors they do not snapped his titles

The Indian Tata believed seduce Corus with his hand of velvet by strong to the management of the European Group and rewarding its target at the fair. Fort of wealth that provide its deposits of iron of Casa da will lose, the Brazilian CSN disrupts the gives. Even if his offer was 4 higher than that of Tata, it is sufficient to give reason to the market that, for weeks, values Corus more than the Indian group. Investors, who have not forgotten the battle between Mittal and Arcelor, discounted so now indo-Brazilian iron arm by placing Corus 4 above the offer of CSN. They are probably not wrong, because history has shown that, in this kind of match, the assailant is leaves always room for manoeuvre from its initial offer. Given the obvious complementarities between CSN resources and technology and Corus distribution networks, the Brazilian has the resources for its ambitions. The new group that it wants to create also would look at what was Arcelor with its Brazilian factories backed CVRD deposits in the State of Espirito Santo. Tata will therefore probably break the piggy bank if it wants to pursue his dream. As must have Lakshmi Mittal who had thought able to swallow and anacondas to Brazilians by asserting that he had no control of Arcelor to not having to buy the minority of Arcelor Brazil.

Luxury of precautionary

It may not have. Richemont, number two world of luxury, easily flows the most expensive products, jewelry Van Cleef to Montblanc pens from a. Lange & Söhne watches. Investors, they do not snapped his titles. The 3.7 rebound that has greeted semi-annual accounts excellent leaves the course on a gain of 15.4 this year, just in line with the indices. Its ratios does not place Swiss group among the cherished values. The title has its dynamics of the years 2004-2005, when he was in full restructuring. And this despite the effectiveness of the operational leverage that it has: profits increase two times faster than sales. The strong growth of luxury activities reduced the relative weight of its stake in British American Tobacco, which weighed half of the result last year. Purchase of Richemont today, is an investment in luxury even more than before, and this may explain the caution of investors. This is John Rupert, the President, who was also himself put on alert them. In the spring, when indices from around the world have bitten the nose, he emphasized the uncertainties that this generated for its businesses, especially in countries that produce at this time most of "new rich" and which accelerate the growth of Richemont. The alert is passed, the message remained.

Pain in the neck

It may be against bad fortune bad heart. Especially when it is called Rupert Murdoch. By pushing the flagship of the BSkyB digital television to take 18 of the capital of the wireless flagship ITV, the pattern of NewsCorp. is a more defensive than offensive operation. But he is especially costly. In taking this ticket at a higher price by 20 in stock, knowing that British legislation forbade exceed 20 of the capital, BSkyB is in the position of large minority without pré-négociée exit door. An often dangerous game. It certainly makes cable operator NTL ambitions, even those loaned to giant Bertelsmann RTL media, more difficult to achieve. But first, spurred by its shareholder Richard Branson, has not said its last word. And, if contenders surrendering to embark on the adventure, or not agreed to do so at a reasonable price, it is not sure that BSkyB might negotiate its participation. The flamboyant Murdoch that invest in the Group of 1.4 billion for a position without power, will have to explain to the "minority" pushy holding 61 of BSkyB in what the movement is creator of value.