Meanwhile DaimlerChrysler is propelled once and a half faster 60

For once that an average weight of the City chooses the risk of external growth rather than the comfort of being for sale to the highest bidder, it deserves the attention. After his foray in the Netherlands (CMG), and then in France (Unilog), the acquisition of Swedish WM-data by LogicaCMG seems to confirm that the British not leave not only French players care to consolidate it services Europe. The strategic rationale of the operation is beyond reproach: size critical to access for larger contracts, geographical diversification to smooth risks. The financial equation is realistic: the rather bleak context allows a change of control premium, and lower than that paid to the shareholders of Unilog for a quality company with interesting cost synergies. The purchase also has its share of opportunism: he will influence the course of LogicaCMG, which the floating exceed 95 of the capital, but amicable marriages were the rule in the area, the British can be much less fear immediate and unsolicited offensive that his lack of Germany makes it little attractive for a French competitor. Longer term, this is another case. The new group will relate to the world's nineteenth largest: it is too weak to stop along the way, but enough to raise the kindness of a large non-European player, why Indian step, who can speak the language of more providing, as you like it in London.

The balance of the past

Want to retrieve the Tribunal that it has lost in the stock market has always been an approach that defies the rhythm and the timing of the financial markets. The case of small German shareholders, diehard opponents eight years under the terms of the merger of Daimler-Benz with Chrysler, is even more pathetic that continues across the Atlantic judicial proceedings brought by the very large shareholder in Chrysler that was Kirk Kerkorian and to demonstrate the contrary! The right to compensation that comes from their recognition of the Court of Stuttgart is the matter that will bounce back on appeal. It is only the opportunity to check, in the light of stock market prices, that the resentment caused by the operation is still justified: since its inception, the DaimlerChrysler title, that it had forced these shareholders to exchange their Daimler-Benz, has lost 55, while the DAX 30 index gained 5. All hope is not for all lost. Since the level low from the recent stock market history, mid-March 2003, the DAX is resumed by 41. Meanwhile, DaimlerChrysler is propelled once and a half faster, 60. If revived the value destroyed by fusion, the Group found a dynamic that is its attraction of today. And that will remain intact even if it is to sign one day a small check for balance in the past.

Reverse of fortune

The excess of wealth does not predisposes to subtlety. Where Microsoft hoped to redeem suddenly up to 800 million of its own shares for $ 20 billion, shareholders in have brought it only barely one-fifth. The failure was "ltbi" as a sign that investors had expected to see their titles better valued within a relatively short time. Indeed, the day is closed the auction of Microsoft, its course was 4 above the price offered. The operation remains not less surprising and reflects mainly the double failure of Microsoft to improve the efficiency of a balance sheet which accumulate dozens of unproductive billion, and to respond to the expectations of its shareholders. Why they should have they rush to sell to a course while a little higher than the average of the last few months, but very indented from that of the past four years, and still more targets of analysts but revised down recently Through this auction, Microsoft is deprived of the opportunity to purchase on-line securities courses among the lowest in its history, and recent more must wait ten sessions of scholarship back on the market. As Bill Gates group will in any way eventually redeem the amounts provided for, the operation may prove longer, more expensive, thus less positive for its shareholders.