More than ever the growth of the German E

There are several ways to manifest its appetite for Dutch companies. The big investment funds who spent more than 7 billion euros to buy the UNV and Philips Semiconductor editor chose to use the major means. Paulson and Centaurus Capital funds prefer them, the soft method. He sat at the table of the Distributor Ahold taking 6.4 of its capital and now asking the management to change the map. It is true that the strategy followed since the debacle of 2003 sentence to convince the markets. Despite a few hiccups, the Ahold action been stalled for two years and a half. Arguing that a refocusing could increase the value of 25, Paulson and Centaurus is no lack of arguments. Realizing three quarters of its turnover in the United States and a quarter in Europe, Ahold is scattered without being global. And as, across the Atlantic, it a little more than half of its sales in the retail and almost as much in the provision of food to communities (hotels, restaurants, hospitals, universities), it is clear that the whole is fully scored. The prospect of creating more value in refocusing on European distribution is much greater than the distribution of large American ensures that 1.7 margin while the retail lies between 4 and 5.

Sun and clouds

As Laetitia Bonaparte, skeptical about the sustainability of the Empire, some bankers whose results fly record by record could exclaimed: "Provided that it takes!" If skepticism may be appropriate in the light of the progressions in double digits, starting often by a two, displayed by many groups, cocktails to achieve lead to serenity. Thus, the wonders of the Investment Bank were not too affected by significantly more economy turns south markets in the second quarter, showing the ability of many to generate profits in all weather. And the proportion of retail banking activities which remains strong and even increased in many actors brings the comfort of his character, recurrent and profitable, achieved productivity efforts and a market still carrying. Even if with some wary of a possible reversal of real estate credit to the United Kingdom or Spain, the sharp increase in bad debt as a percentage has the corollary of the volumes which remain very low. And more than ever, those who have made the demonstration of their power in their domestic market open new avenues in Eastern Europe and South especially promising that acquisitions provide a wide margin of appreciation. At the time European growth over that shiver, time remains for reasonable optimism.

Growth all over the place

It does not change a method who wins. More than ever, the growth of the German E.ON is boosted by a marriage with rising energy prices and expansion abroad. As costs of restructuring are inevitable, the jump in 31 of the turnover in the first half did that an increase of 13 of operating income. But it is both a progress moderate 5 in the cradle of the Group Germany and the Netherlands and a flight of 82 with the new conquests of Eastern Europe, which is more than offset the flow of the United Kingdom due to CO2 standards. Under these conditions, the electrical and gas of the Ruhr has any interest in concluding its offensive on Endesa EUR 27 billion with the help of Brussels to overcome excessive nationalism of the Spanish authorities. Endesa him indeed bring strong areas of growth, not only in the Iberian peninsula but especially in Latin America, France and Italy. More waiting.