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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.

Less than three weeks of its annual general meeting, it is very bad news just learned that the 40,000 shareholders of Berkshire Hathaway. Buffett suffers from prostate cancer.

"This note to say that I was diagnosed with prostate cancer stage 1. The good news is that my doctors told me that my health does not put anything in my life in danger or does not weaken me enormously, "says legendary investor highly respected in the financial community, in a letter. In his message, he explains that he and his doctors decided he would undergo radiation therapy for a period of two months starting in mid-July.

This protocol will restrict its ability to move, but not prevent it to work everyday, he said. The shareholders of its holding company, Berkshire Hathaway, will be required to the evolution of his health, he further said.

However, the American billionaire sought to reassure its shareholders. "I feel very well – as if my health was perfect – and my energy is 100%" guarantee multibillionaire. More importantly, this announcement comes six weeks after the guru of finance said that the estate is already assured. He concluded: "I will inform the shareholders (Berkshire Hathaway) immediately if my health changed. One day, of course, it will happen. But I am convinced that this day is still far from us, "he concludes.

European capitals have asked the Commission to bone up on the fight against unemployment, but many probably not appreciate his advice: the lowering of wage costs to the free movement of labor across the EU through a minimum wage "modular", Brussels risk of setting fire to the powder to the left and right.

The document, which will be released Wednesday, could also ignite the French debate around employment and Europe, with five days of the first round of presidential elections. As Nicolas Sarkozy, Brussels appears for a lower wage cost burden on businesses. It is a "privileged instrument to strengthen the labor supply," says the latest version of the text obtained by Le Figaro. The Commission suggests alternative resources as VAT, taxes "green" and property taxes.

Another proposal leading risks in contrast to spark outcry among conservatives, echoing an old controversy about the "Polish plumber". This is to overcome the final obstacles to a single labor market in Europe, the U.S. model. "Labour mobility is not sufficient in the EU (…) In order to exploit all the possibilities, it is crucial to ensure a balance between demand and supply of jobs" at European level , the authors note.

Red cloth

On this front, the Commission advances two tracks dangerously undermined. The first is the end of restrictions on employment of Romanians and Bulgarians, programmed by treaty by the end of 2013 but refused by nine countries, including France. The second is the opening of national public employment to all EU nationals, except as validated by the sovereignty of Justice.

Finally, Brussels waving a red rag in front of the entire European left: that of a national minimum wage that could be differentiated by industry professional, provides a way she, "to support the provision of employment ". The authors do not specify the model. But they ensure that wage floors should be discussed "in consultation with unions and depending on economic developments."

The contribution of the Commission is only prospective. It is unlikely that the communication "Towards an employment-intensive growth 'lead in the state. But it looks quite controversial for the twenty-seven Commissioners wish to review it one last time with the college in full force Wednesday in Strasbourg. Against the backdrop of elections in France and Greece, José Manuel Barroso will leave the public presentation in Hungarian Laszlo Andor, Commissioner for Employment and Social Affairs.

For Brussels, it is clear that the challenge of unemployment requires bold solutions. Lagging behind the emerging powers but also the U.S., the EU has lost 4.5 million net new jobs since 2008. Since January, a second recession in three years has increased the average unemployment rate above 10%. And restarted at the same time a growth debate that nobody has yet really convincing answer

.

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Happy who like Ulysses, has made a great trip, and then returned to live with his parents the rest of his age … This aspiration, a bit outdated, back up to date. For young Americans, the journey of initiation into life ends more often at home. They have gone to university, got out, they struggle to find work and even when they got their job, they are so indebted for their education they can not afford a roof. This is the "boomerang generation", as it is called there, one that returns to its starting point, in the family cocoon.

Three out of ten young adults 25 to 34 years lived at one time or another permanently with their parents in the United States since the beginning of the economic crisis of 2007, reveals the Pew Research Center. This body of socio-economic, non-partisan and hyperactive, which one would like there the equivalent in France and Europe, launched last December a survey of 2,048 adults. He points out that 51.4 million Americans now live in a "multigenerational family" (at least two generations of adults in the same dwelling). A record since the postwar period. The proportion of 25-34 year olds living with their parents, or sometimes with their grandparents, has doubled since 1980, as already shown by the decennial census of population conducted in 2010.

The problem also as much of Europe, although it is regrettable delays in our statistical system. "One in three men and five women living with their parents," according to the latest Eurostat survey dating back to 2008 and 51 million Europeans in this situation. Old Contains more distinguished by its diversity. In Italy, 47.7% of men 25 to 34 years remain in the family fold (and 32.7% women), against 2.8% and 0.5% in Denmark. While the Italians look fondly their "bamboccioni" (big babies), the Danes are doing everything to make them go away. "In Denmark, young people receive public assistance for their education and housing from 18. These scholarships are awarded regardless of parental resources: youth autonomy is considered a right, "says Olivier Galland, research director at CNRS.

For its part, France is among the Nordic model and that of southern Europe, where the crisis has amplified the tradition of bringing together several generations of adults. As part of the Eurostat survey, INSEE has identified "340,000 women and 630,000 men who live with at least one parent or step-parents, or 8% of women and 16% of men aged 25-34 years. "

In the U.S., the multigenerational family is experienced as a convenient answer to the economic crisis and unemployment. "If there was an alleged defect with living with his parents" when you have 25 to 34 years, "Today" boomerang generation "does not have this complex," says Kim Parker, Pew Research Center . For the vast majority (78%), they are satisfied with "the arrangement of their lifestyle." And besides the figures show that families where several generations are less affected by poverty than the rest of the population.

"Family accordion"

Sociologist Katherine Newman and university, recognized expert of "working poor" across the Atlantic, invented the concept of "family accordion": it inflates and deflates at the discretion of the business cycle. But one of the factors that penalize the hardest young adults today is debt-related educational expenses: average $ 27,200 for each graduate and 1000 billion total, according to Federal Reserve Bank of New York. A huge ball during periods of unemployment and wage moderation.

But beyond the explanation of economic and financial "boomerang generation" she expresses the most profound changes in society? In France, the phenomenon of "Tanguy", the name of this young 28 year old who can not leave the parental nest, was highlighted in 2001 in the film of Stephen Chatiliez. And last month, Jean Ormesson recalled with happiness (in the Figaroscope): "I lived with my parents until the age of 35" (at 95 rue du Bac, in Paris). The lifestyle of the Faubourg Saint-Germain and its charms are democratizing Proustian would be good news after all.

Across the Atlantic, the debate rages on the implications of this return to the patriarchal family. "The Go-Nowhere Generation" (which goes nowhere), accuses Todd Buschholz economist (former advisor to George Bush Sr.), and cite the decline in driving among young people and even falling sales Bicycle. Mobility is one of the strengths of mythic America.

Conversely, Professor Robert Shiller, an expert on real estate and finance, cites the example of old farming families that housed three generations on the same farm. This intergenerational solidarity daily should help us better understand and manage the practical problems of pensions. "Family, I love you" is a good slogan.

Strong positions internationally

On the Old Continent, German manufacturers have their dominant position in Germany, the strongest of the major European markets, making them less vulnerable to the slump in Southern Europe. More importantly, they are very well established internationally in areas experiencing strong growth. The Volkswagen Group sold 2.26 million cars in China last year (+18%). The volumes of BMW and Mercedes jumped 37% and 31% in this market. VW owns 20% of the Brazilian market. United States, he occupies a position lower than in the rest of the world, but continues to gain market share. BMW and Mercedes also post strong gains overseas.

The reputation of "Made in Germany"

The renowned German manufacturers is such that Opel now speaks the language of Goethe in its advertising. Renault, who wants to prove the reliability of its cars, has also made him also to speak in German last year, in a spot parodying the brand in flash. This reputation allows German brands to sell their products more expensive than their French rivals. "This is the result of an approach based on decades of product quality and innovation, says Philippe Houchois, an analyst at UBS. In the early 1990s, there was little difference in perception between a Volkswagen Passat and Peugeot 504. It is no longer the case today, with the successors of these models. "The VW group continues to accelerate: it plans to invest 62 billion euros by 2016 in its cars and factories, over 14 billion in China. It is also thanks to the obstinacy Audi, brand considered robust in the 1980s, has turned into a symbol of social success. Result, three manufacturers, BMW, Mercedes and Audi (VW Group), dominate the high-end sales, a lucrative and growing faster than the world market. Profits are particularly high in China, where wealthy customers are willing to pay a high price. This market, Audi's largest market, is also one on which flow over the Mercedes E-Class and 7 Series.

Economies of scale

To take advantage of its size and achieve significant economies of scale, Volkswagen, like the Renault-Nissan, went further in sharing components of its brands. The group strenna this year its new scalable platform, MQB, which shares many components between cars belonging to segments of different sizes. It plans to manufacture about forty models on a common basis, the Polo to the Passat, through the next Golf and the new Audi A3. More than 3 million vehicles will be assembled each year on this platform, enabling the group to reduce procurement costs and investments by 20%.

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Air transportation emits about 3% carbon dioxide (CO2) released by humans into the atmosphere. But according to the UN Framework Convention on Climate Change (UNFCCC), its emissions have almost doubled (+98%) between 1990 and 2006 and are expected to increase by 63% by 2020. This is due to the strong growth that the EU wished to include airlines in the industries subject to carbon allowances.

Decided in 2008, this "carbon tax air" has been applicable since 1 January to major airlines transiting through EU airports. According to official documents of the end of 2011, 4291 airlines must be submitted to CO2 quotas, including 28 Chinese companies. Brussels has set an emissions cap for each company, who must buy the equivalent of 15% of its emissions, as carbon credits.

This air tax should bring in 2012 256 million euros to the EU, the Commission said. A pittance compared to $ 3.8 billion represented the German Government, by controlling only Airbus Hong Kong Airlines, threatened. Connie Hedegaard, European Commissioner for the fight against climate change, repeated his refusal to yield to threats and to revisit the legislation.

The profession particularly hostile

From the earliest discussions on the implementation of these CO2 quotas on airlines, the profession has expressed very hostile. Last November, ICAO, the Organization of International Civil Aviation, adopted a resolution recommending to exempt non-European companies of the carbon tax. 26 of its 36 members including China, the United States and Russia, were signatories. The International Air Transport Association (IATA) and ICAO call for voluntary measures to reduce emissions of greenhouse gases, implemented worldwide.

In a report published in early 2011, the rating agency Standard & Poor's estimated that the measure Brussels could cost 1.12 billion for airlines in 2012-2013. Since then, the price per tonne of CO2 collapsed on the European market which would reduce the cost to about 700 million euros. But it adds to the severe increase in fuel prices.

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In a mobile market completely disrupted by the arrival of Free Mobile, Bouygues Telecom said it had lost 159,000 customers, of which 134,000 went to Free Mobile. This represents 1.4% of its fleet of 11.3 million mobile customers. Last week, Orange announced that it had lost, for its part, 201,000 mobile customers in total, or 0.7% of its fleet.

Result, Bouygues Telecom expects a decline of 10% of its turnover in 2012 to 5.14 billion euros. The arrival of Free Mobile is not the only cause. Martin Bouygues, CEO of the group, also cited pell-mell "regulation, the end of the differential termination, terminal costs, Chatel law which is one of the most protective for the consumer."

To resist, the group announced a plan to reduce costs this year. "Our goal is a plan to save 300 million euros, which will be achieved in part through new commercial offerings but also using our flexibility on external loads," said Martin Bouygues. The group, which has 9,800 employees in late 2011, should not undergo abrupt reduction of the workforce. "By cons, what is clear is that staffing levels, recruitment Bouygues Telecom are completely blocked (…). We will let the natural decline to do, "he said, adding that cost savings could affect contractors, subcontractors and suppliers.

"Free Mobile makes the cuckoo"

Bouygues Telecom is also focusing on innovation. The group decided to have a strong positioning in the offers "bare" (without telephone and commitment, 100% web) with B & You, and with the offers services through Eden. It will market its new box with the Sensation "the most powerful processor market and offers the largest VOD thanks to agreements with TF1," said Martin Bouygues. He announced that the band would embark on the next generation mobile (4G) this year and was pleased to have obtained frequencies' en o "- in the band 800 MHz – stressing" they allow a very good coverage inside buildings. "

Martin Bouygues has admitted that the offer of Free Mobile was very aggressive. "But it is by no means a reflection of its production costs. Free Mobile is the cuckoo on the Orange network, he said. The telecom industry is a fixed cost. If someone could have a variable cost structure, if there was distortion of competition, it would in my view extremely serious, "he added, without elaborating.

On the roaming agreement that allows to use the Free Mobile network Orange, Martin Bouygues considers it "would not be unusual that this contract be made public, since the two competitors know, and two others not." All these topics should be discussed at the meeting between Martin Bouygues Telecom and Constable (ARCEP). "If we must suffer and die, it will be the fault of the regulator," he concluded.

Yesterday, Bouygues share lost 2.09%, to 23.88 euros, while the action Iliad (Free) clôturait on a record 99.55 euros, up 2.10%.

Management and non-professional staff are treated fairly in business? Not always recognize the 207 companies "of all sizes and in all sectors" surveyed by the consulting firm Kurt Salmon and the law firm of Fromont Briens. 73% of managers surveyed, the majority of HRD, said they faced a problem of equal treatment and / or salary.

What are the most promising areas of inequality? Not surprisingly, the reduction of working hours which comes first, cited by 60% of companies. One reason the system packages days, 35 hours derogating for about 1.5 million frames. Closely monitor the conditions of dismissal (59%), the supplementary pension (54%) and foresight (48%) or those not having the status framework are clearly disadvantaged.

After five years of modest harvest, France regains its position as the leading European producer of wine. Harvest forecasts for the entire French vineyards have reported 50 million hectoliters (hl) harvested in 2011, up 11% from 2010.

Latest estimates from the European Commission, the great Italian rival, the only one that can steal the top spot of the podium in France, saw its production drop by 17% to 42 Mhl. The proliferation of uprooting explains much of this performance-cons. Spain, meanwhile, was down 9% to 36.5 Mhl.Last year, at the same time, the cooperative had requested an increase of "at least 10%" rates, while the treasury operations were nearly 80% in the red paperless payday loans. This objective was met or exceeded. "The producers have done well: the price of wine out of the property, that is to say, those paid to producers have risen to 15% and even 20%," says Denis Verdier. It is mostly entry-level wines that benefited from the largest increases. Consumer side, "the increases were controlled by large retailers who had not passed on the cuts in previous years," said Denis Verdier.

In the difficult years should succeed to catch up needed for producers who can smile again after three years of crisis.