Harsh judgment The best is sometimes the enemy of the good

Each sees noon to his door. By displaying an organic growth of 9.5 in the first half, Suez is much better than the top of the range of its annual target. With an increase of 18.4 in electricity and 11.3 only in the gas, the organic growth of Electrabel provides support to proponents of the merger Suez-GDF. She said that Suez's interest to strengthen in the gas but especially that SFM is step size critical in an area where much of the increase in prices has no impact on margins. But these elements also indicate watermark that the shareholders of Suez mostly more profitable activities will have interest to be vigilant on fusion parities which they are a priori not friendly. Markets, which have already integrated this aspect of the record, logically prefer to wait to see how parliamentary debate of September ends before welcome the results of Suez. From this point of view, one of the alternative scenarios to the merger by the GSC brings exciting innovations. While those cooked by MPs, returning to dismember SFM, has run out, the idea to merge the only energy of Suez and GDF activities could be dug. A group holding 100 of the environment and 50 set energy-GDF Suez would indeed have comfortable stature without traumatize the zealots of the 50 mark.

Harsh judgment

The best is sometimes the enemy of the good. When markets are economy turns south, it takes much for them to touch and little to disappoint them. With a net profit up 29 and a double-digit growth of profits in all areas, Deutsche Bank had everything to deserve a congratulations. By fall its course by more than 4 in a stock exchange fell by 1.5, investors have shown in a bad mood, or even of ingratitude. It is true that tend to grow its strengths, the group led by Josef Ackerman especially shined in the trades of Bank for investment and markets, with profits up more than 60. Sales also reached in asset management. However, the activity of retail banking, long disaster, had simply progress of 14. If the Investment Bank, to the more volatile revenues, has shown its ability to overcome a difficult environment in May and June, investors have rather accepted that the current pace of growth was hard to take in the long term. As the Bank of detail ensures that 15 of profits and displays much more modest performance, it will be difficult to take the relay.

The part of the dream

A large cheque is better than a long speech. After a muddle on its reserves, the last year, followed by accounts doped by the rise of oil, Maurel & Prom was struggling for six months to find a favourable treatment on the stock exchange. Despite oil who steals record by record, the junior oil was recently worth one-third less than at the end of the winter. Did not find rich Indian or Chinese ready to leverage its assets in good conditions, Jean François Hénin, perhaps assisted by his Council Jean-Marie Messier, found a new martingale. Sell a portion of its assets to a European major, Italian ENI, to show how the whole is undervalued. But two things, either selling a small part of the large deposit of me Boundi in the Congo and this is likely to be a straw fire, or it sells all of his interests (48) and it deprives of its most beautiful Maurel active. Shareholders may then wish to immediately retrieve the bulk of the money paid by ENI. But it is not obvious which will remain in Maurel & Prom raised then the enthusiasm of the fellows.