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The auction winner will take over the shares of Bridgepoint funds (57% stake) and Apax (20%). Alain Afflelou he has planned to stay in the capital. It could even slightly increase its stake, now 22%. "This component has not yet been decided, it will depend on the nature of offers and future discussions with the fund that will prevail," says a close case.

The group, which produced last year a turnover of 785 million with 1,083 franchised stores, is valued around 800 million euros by connoisseurs of the file. To finance the purchase of three quarters of the capital, the next owner will have to fund raise around 300 million euros of debt. A challenge in the current, extremely volatile. The transfer operation, organized by the Banque Rothschild, commissioned last year, has proved complex enough to induce sellers to be cautious. "Bids are expected soon, said Didier Pascual, Chief Executive Alain Afflelou. But nothing is decided yet. The hypothesis of the IPO will remain open. "

A founder ubiquitous

The way back on the stock exchange, which would switch to vendors, if possible in the fall, when tenders found attractive can, was long regarded as the preferred option of management group, and especially its founder. Last June, Alain Afflelou Echoes indicated to not want a new leveraged buyout (LBO).

The entrepreneur has long maintained a difficult relationship with investment funds that have succeeded in the capital of the group. Starting with Alpha-Marine-Wendel, entered in 1997. By 2000, Alain Afflelou decides to regain control; with funds Apax, he released Alpha, which doubles his bet. The group then returns on the stock exchange, before leaving in 2008. Meanwhile, Bridgepoint has taken over half the capital in 2006, in a transaction valuing the company 500 million euros.

But the tone rises rapidly from Bridgepoint and Alain Afflelou, who wishes to provide for the succession of the leader, now aged 64. After months of arm wrestling, refereed by Apax, the owner agrees to step back and became chairman of the oversight committee in the summer of 2010. But the chief executive then hired a former McDonald's has to pack up five months later, before being replaced by Didier Pascual. Alain Afflelou is known internally for its ubiquity and influence. And there is the muse of the brand in advertising the group, making it unavoidable. Bain Capital and Lion Capital, the next business partner, will address these sensitive issues.

His basic model is a marine motif declined over a tank. But the bit of blue and white Little Marcel preferred the colored stripes printed on a black background on which lies the mark in writing schoolboy.

Imagined in a store of ready-to-wear Grau-du-Roi (Gard), this "Marcel" knows a great climb since its inception in 2005. Now available in 1,500 outlets across the Hexagon, the idea was originally that of a gift for his partner Eric Schieven Linda Leseigneur. A present that had not fatally destined to be reproduced on an industrial scale.

Owned by the couple creator, the company KLS, which operates Little Marcel, employs 45 people and develops, six years after its creation, a turnover "of about 20 million euros, up 20% the previous year, "says commercial director Michel Levy.  

The South, a laboratory

In recent years, the catalog has been enriched and Little Marcel did not remain a prisoner of style nautical wear "left (his) signature." Offering various reasons, always colorful, the brand gingham dresses, swimwear polka dot … Distributed only in stores ready-to-wear at a price of "25 to 35 euros per t-shirt," she wishes to open signs his name in seven cities on the Mediterranean coast and Atlantic to accelerate its development model. All without external capital. "Without the staff, the installation of a shop costs around 300,000 euros," says commercial director.

"The South is our laboratory, advance Michel Levy. The idea is to open stores in areas where we have a mind awareness. "Thus, Hossegor (Landes), Bandol (Var) or Palavas (Hérault) should see the arrival of a store Little Marcel by the summer. "We first want to show us where the season strong on our brands work best, that is to say, in fine weather."

Therefore seasonal stores, an area of ​​100 to 150 square meters, that KLS develop its own before running franchises. "Let's say that eventually a 50-50 mix is ​​a good balance." If the sign function, with an estimated turnover "at the beginning" of € 500,000 per store, "thirty stores are expected to emerge in both years. "

Installed to date on the fishing port of Le Grau du Roi, the warehouse in Little Marcel, whose textiles are machined in Portugal, is planning to move a few miles away in the town of Aigues-Mortes. Soon it will invest a storage center 4000 sqm, against just over 1000 today.

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Fuel prices soar notably due to higher oil prices. But is that they will decline as the black gold flow back on world markets? Yes, according to an academic study published last weekend by economists Erwan Gautier (University of Nantes) and Ronan Le Saut (Ecole Polytechnique). Their work is based on data collected daily by the Ministry of Economy between 2007 and 2009 with 10,000 service stations.

Contrary to the fears of the authorities and consumers, "the downward variations are as numerous as the variations on the rise, and they are of the same magnitude," the researchers said. They found instead that managers affect only three-quarters of price changes in international prices of a liter of diesel and two thirds for gasoline. "This gap is consistent with the importance of raw material-the-refined oil in the price of a liter at the pump (between 75% and 85% of total costs)," said Erwan Gautier.

Clearly, if the pump price varies to a lesser extent than international prices, it is because other costs that come into account in calculating the price, they do not move. These findings partly confirm the results of a study by the Ministry of Economy dated June 2011. According to the latter, which examined the evolution of prices for a few weeks, the drop in world prices was reflected better on diesel than on gasoline.

The two economists, however, lead to more accurate results. The petrol stations affect price movements in Rotterdam, where the refined oil is traded in the 5 to 10 days on average. The French Union of Petroleum Industry (UFIP) explains this delay by the time of transport for the supply of pumps and the need to sell existing stocks purchased before the price changes. Prices are revised, preferably on Tuesdays and Fridays, every 5 days on average for diesel, every 6.5 days for gasoline.

Supermarkets change prices more often

All market players are not as quick to change the prices, they detect. Supermarkets, for example, change more frequently and more significantly than other gas stations, belonging mostly to oil companies. This can be explained by the cost analysis Erwan Gautier: "Supermarkets share some expenses related to the operation of the pumps with their store." On the other hand, their margin is extremely low on fuel: it s' is for them a loss leader to attract customers and they are undercutting prices.

In reading the study, the existing competition in the market seems to push the players to pass on price movements as honestly as possible. The proximity of a gas station and a supermarket equipped with pumps, for example, the first incentive to adjust its prices more nimbly. On the other hand, the highway stations, away from any competition, the less impact of international price movements. And, with the exception of the Paris region, rates move slightly more often in urban than in rural. The stations offer many services and high quality fuels also adjust the lowest price movements.

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The possibility of a takeover by the state oil company YPF of Argentina, 57.4% owned subsidiary of Spain's Repsol, has provoked a lively access of diplomatic tension between Madrid and Buenos Aires. "Any aggression against Repsol violating the principle of legal certainty will be taken by Spain as an aggression," said Friday the Spanish Foreign Minister, Jose Manuel Garcia-Margallo, just after having summoned the Ambassador of Argentina.

Detonator of the sudden onset of fever, a meeting Thursday between the Argentine president, Cristina Kirchner, and provincial governors, who must consider the possibility of a joint venture with YPF, that is to say partially nationalized. The Argentine government is pressuring oil companies to increase their domestic production, the country's oil bill last year soared 110% to $ 9.4 billion easy payday loans. Accused of not investing enough, Repsol YPF has been withdrawn in recent weeks 16 oil concessions by half a dozen provinces. Repsol YPF is the leading fuel in Argentina, where it controls 52% of refining capacity and 1,600 service stations. It also represents two thirds of the production of Repsol.

"International plague"

In Madrid, some fear that Buenos Aires does not benefit the situation in which economic weakness is now Spain to advance his pawns. Hence perhaps the force of the reaction. The Spanish Secretary of State to the European Union, Inigo Mendez de Vigo, said that "Argentina (would) become an international pariah," warning "that within the international community, break the rules has a price. " The European Commission called on Argentina to "protect foreign investments on its soil."

What are the strategic oil stocks?

As a state member since 1974 to the International Atomic Energy Agency (IEA) – created in response to the first oil shock – France has an obligation to provide oil stocks equivalent to 90 days of net imports or about 17 million tonnes. Member States of the European Union are also required to undergo a similar provision. In early October, the French reservation represented 98.5 days of oil consumption, 60% of processed products and 40% of crude oil.

How are they managed?

This is the Professional Committee of strategic oil stocks (PSSDC) which is responsible for building reserves. All operators who sell oil in France are legally obliged to contribute to their supply. Each of them must provide the equivalent of 27% of quantities released for consumption in the previous year. Some of these quantities is given to manage the limited company inventory management security (SAGESS), which operates under the aegis of PSSDC. The rest is kept available in the repositories of the operators.

The reserves are spread over 235 depots around France. The regulations provide for their distribution in the seven major regions called "defense zones" in administrative and military language, so that each zone has ten days of minimum fuel consumption low fee payday advance. Filing the largest (6 million cubic meters) is located near Manosque in the Alpes de Haute-Provence.

Under what circumstances can they be used?

Strategic stocks are intended solely for civilian use. The Army manages its own reserves separately. In the case of a local crisis of supply, CPSSP may transfer stocks to oil operators, who must agree to make restitution of less than a month. During this time, operators must also make available PSSDC equivalent quantities of products in another place. These punctures are very limited and local.

To really begin three months of compulsory reserve, we need a government decision, taken in cooperation with the IEA and the European Union. Only a severe supply disruption due to a serious international crisis (eg, an oil crisis or boycott a producer), can in theory lead to such a decision.

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A priori, the CAC 40 prefers the left. History shows that when the Socialists were in power, the index climbed an average of 5.9% per year, while a majority right does increase by only 2.12%. However, according to a study conducted in 2010 by researcher David Le Bris, the best stock market performance of the left are possible … with the right! In reality, everything is played just before an election: when the left is still installed but the government that the right was favored to regain power, while the CAC 40 climbed 9.6% in the three months preceding the election. Conversely, when the left was favored to grab a majority to the right, the stock market fall of 7.4% in three months. Statistically, we can predict that the Paris Stock Exchange lost ground in the coming weeks, if Francis Holland continues to remain the favorite in the polls.

Apart from this pre-election volatility, the stock performance of the left, however, are virtually the same as those of the right. "The markets have no political orientation. What counts is how to lead. And what they hate is uncertainty and risk, "said Alexander Hezez, responsible for managing AM in Convictions. According to him, the markets, which have so far joined the alternation, show no signs of panic and should not reproduce a May 1981 when Mitterrand came to power, the CAC 40 was won by 33%. For thirty years, governments of all stripes were infused into the economy leading stimulus measures, which led the public debt to soar from 20% to 85% of GDP without allowing full employment not support growth quick cash. "Today, the critical issues of fiscal consolidation and the continued construction of a Europe weakened by two years of debt crisis are incorporated into the curricula of the two main candidates," notes Xavier Lepine, President The Executive Board of the French PM. "Whatever the winner of the election, he will have his hands tied by these budgetary constraints and European," he says.

Still, Francois Hollande raises more questions than Nicolas Sarkozy. "PS The candidate seems to prefer higher taxes rather than reducing spending to clean up the public accounts, putting the French economy in danger and pressure rating of the country," notes the U.S. bank Citi. On the European front, the markets held in effect above all that the Franco-German partnership remains strong and welded. "If Francois Hollande did not ratify the European fiscal pact, it calls into question the future of the euro area", warning Gilles Moec, economist at Deutsche Bank. An implausible scenario for operators, who are betting that the PS candidate, if elected, will only add a paragraph on growth targets. "Provided that the markets are right," says Xavier Lepine.

Firmly supported by the Head of State, Mario Monti has pledged Tuesday in an unprecedented forcing to wrest the agreement of the unions and management to a comprehensive reform of labor law.

A real marathon began Tuesday afternoon at the Palazzo Chigi to convince the social partners to accept a proposed capital for renewed growth and the return of foreign investment. Leaders of business and all confederations workers clashed Council President and several ministers, including Labour, Elsa Fornero, who prepared the reform.

Throughout the morning, it has stepped up informal contacts to try to reduce the opposition of the main workers confederation, CGIL, strongly opposes any amendment to Article 18 of the Labour Code that prevents layoffs "without just cause. "

In a manner quite unusual, the President of the Republic, Giorgio Napolitano, has thrown its full authority in the balance by calling the social partners to "understand that it is time to uphold the public interest."

Line of Sight markets

The Head of State supports the efforts of the government: It is serious that there is no agreement. You must negotiate. "Meanwhile, Mario Monti has invited the unions to" give up something. "

The economic commentator duCorriere della SeraFrancesco Giavazzi reminded Tuesday that Italy was still in the crosshairs of the markets: "One wonders how investors would react if they had to learn German as (for lack of labor market reform), Italy is not able to return to balanced budgets in 2013 as planned. "

The measures taken so far have been welcomed by the markets, evidenced by the reduction of 166 basis points differential between Treasury bonds and German Bunds Italian: "The largest decline in the euro area", welcomed European Central Bank (ECB). Susanna Camusso, the patroness of the CGIL, Elsa Fornero recognizes the merit of the stubbornness. This minister, who broke down in tears in front of television cameras by saying the word "austerity" when presenting the government's agenda Monti last November, has proved a tough negotiator and determined.

Moderate unions and political parties had welcomed last week in his proposed reform, complex and highly structured. Until the CGIL flu not the wheels.

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Saturday accused by Marine Le Pen to slaughter according to halal "all meat" distributed in the Ile-de-France, industrialists defend themselves. President of the National Association of interprofessional Livestock and Meat (Interbev), interviewed by France Info, the judge charged the president of the National Front "absolutely false".

"In the Ile-de-France, a vast majority of meat is not slaughtered according to halal or kosher," which involves killing animals without stunning, ensures Dominique Langlois. "It may be that parts or pieces of meat from carcasses are slaughtered according to these rites, but that does not change the quality of meat and it does not change at all the qualities of the product," adds Will it.

For professionals in the meat, the charge of Marine Le Pen "is meant strictly political and did not match the reality of things." "It's a debate that can only be detrimental to both the meat industry to French and French production that does not need it," warned the president of Interbev.

The animal rights groups mobilized

This debate is not new. Since a 1964 decree, the slaughter in France requires the stunning of animals before killing, thereby mitigating their suffering. But European legislation provides an exemption, "when stunning is not compatible with the ritual prescriptions under the free exercise of religion."

Last year, six associations have denounced the increasing proportion of animals slaughtered according to Jewish or Muslim rites. According to the Foundation Brigitte Bardot, who had made an investigation in slaughterhouses, more than 60% of sheep and goats, 28% of adult cattle and 43% of calves were then killed without stunning.

In Ile-de-France, according to a study by the House of livestock and quoted this week on the show Special Envoy on France 2, the five slaughterhouses in the region adhere to Islamic and does not stun their animals. The reasons are economic, in order to distribute the meat in the halal butchers and traditional, where consumers are not necessarily aware of the method of slaughter.

Approval before waive stunning

Two bills were filed in late 2010, the Senate to the Assembly, without success, to obtain a specific labeling of meat slaughtered without stunning paperless payday loans. "The consumer has the right to know what he eats. He has the right not to eat meat slaughtered in a ritual which does not believe him, "argued the UMP deputy Nicolas Dhuicq. A new amendment, introduced in September 2011, was also rejected.

On 29 December, a decree was published in the Official Journal, however, requiring 275 French slaughterhouses to obtain, on or after 1 July 2012, before an official authorization from the rule of stunning. "It does [may] be granted only to slaughterhouses in favor [...] of a registration system to verify that it is used to slaughter without stunning as a result of justifying the commercial orders, "said the Ministry of Agriculture.

Marine Le Pen wants to complain

The animal rights groups have expressed quite satisfied with this text. "Being able to justify a ritual slaughter is a specific order is important because, currently, most of the meat of this kind of slaughter is found in conventional circuits without any indication to consumers," recalled Christophe Marie, spokeswoman Brigitte Bardot Foundation.

Marine Le Pen was not in favor waiting for the entry into force of the decree. On the sidelines of the convention of his party, being held this weekend in Lille, it announced its intention to attack "a few major retail supermarkets in Ile-de-France for misrepresentation of the product." She said wanting to file a complaint with a civil order for a judge to be seized, which could lead to an investigation of several months.

On the government side, said Sunday it does not have "accurate information" about the slaughter in Ile-de-France. But a spokesman for the Ministry of Food said that the meat supply in the region "did not originate exclusively" in the slaughterhouses of "proximity", which "may have to supply a particular community, and therefore work according ritual slaughter of halal or kosher. "

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The single currency is not yet fully reassured about his future, but their free-living indeed their last hours. The ultimate ticket holders have until francs Friday, February 17 for exchange against euro in one of 70 branches of the Bank of France. After this date, 50 million in cuts, $ 4 billion francs, still in circulation will become worthless and become a well reserved only for collectors. A treasure estimated at nearly 600 million euros, most of which should disappear in the wild. Side of the Banque de France, we do not expect to recover more than 100 million euros, in the best case. What, at this time of fiscal restraint to the affairs of public managers.

Indeed, the free-considered missing that could ultimately represent a value of 500 million-have already been recorded in the revenue budget in 2012 by the Ministry of Economy and Finance. This is called "the nerve to issue": when she makes notes on behalf of the State, the Bank of France holds an accounting claim on the Treasury. Tickets not made by individuals are so much money that the state will not pay the bank, which explains the good news for public accounts.

jechangemesfrancs.com

However, the Bank of France has seen a marked acceleration of the return tickets at counters this week. "They should still grow until next Friday. In general, the French like to do it at the last minute, "said Olivier Fournier, collector and president of the Friends of the coin of the euro. "A great many people have kept a note of each value in memory. Unlike the euro, francs were distinguished by the beauty of the drawings that were very identity, "he adds.

The profiles of people still in possession of francs are quite varied. Some report bundles found in the family reserves, known or hidden. Others initially skeptical about the chances of survival of the euro finally gave up and believe in the single currency and bring stacks of tickets 200 or 500 francs. The rest, the vast majority of tickets that will not come back, are held by collectors but also by tourists who have not exchanged their francs during their stay in the country, there are over ten years. "If it is based on previous returns, it is mainly the small cuts that do not return. However, sometimes it tells us large sums of 100, 200 or 500 francs … the famous sock! "Says the Bank of France.

The current operation covers only the five types of notes from the last collection. The rooms, meanwhile, are more monetized since 2005. The Banque de France is committed to exchanging old francs, even damaged, against euro subject "that more than half of the paper is still present." Individuals who still have tickets at home a little torn therefore can still try to exchange them.

To simplify their lives, the monetary institution has launched a website detailing jechangemesfrancs.com branch address where the tickets and return values ​​into euros corresponding exchange.

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Doubt continue to settle on Asian financial markets. Investors fear that the referendum in Greece announced Monday by Prime Minister George Papandreou.

After losing 1.70% yesterday, the Tokyo Stock Exchange Wednesday morning unscrewed at the close of 2.21% to 8640.42 points. Same atmosphere on Chinese stock markets: the Hang Seng in Hong Kong lost 0.92% to 19,192.70 points and the CSI 300 Index of Shanghai fell by 0.63% to 2680.49 points. "The Greek opinion is not favorable at the European level that includes austerity measures. Optimism prevailed before the G20 summit has faded, "said Fumiyuki Nakanishi, a broker at SMBC Friend Securities.The euro fell by 0.07% to 107.20 yen and the dollar fell by 0.32% to 78.12 yen.

Oil retreats

Oil prices were down Wednesday in Asia after the announcement of a referendum in Greece that could jeopardize the settlement of the debt crisis in Europe, said the courtiers.Le barrel of "light sweet crude" for delivery in December lost 74 cents to 91.45 dollars in early electronic trading. Barrel of Brent North Sea crude for December delivery gave up 59 cents to 108.95 dollars.