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On Thursday morning, Vivendi held its General Assembly at the Carrousel du Louvre in Paris. The opportunity for its chairman, Jean-Bernard Levy, back on the recent strategic transactions conducted by the media and telecoms group. The acquisition in early April, the entire capital of SFR marks the end of an era. The former Générale des Eaux was transformed into Vivendi Universal Jean-Marie Messier. This group was then a holding company, often minority participations disparate telecoms, television, cinema, internet, music … After going through a severe debt crisis in 2002, Jean-Rene Fourtou and Jean-Bernard Levy has radically restructured the group .

LE FIGARO. – The purchase of 100% of SFR is it a milestone in the history of Vivendi?

Jean-Bernard Levy. – Since its inception in 1987, we never had sole control of SFR.Jean-Rene Fourtou, upon his arrival, has understood the strategic importance and it has fought since 2002 to buy Vivendi's participation for sale by BT. It is only recently that Vodafone, our partner from the beginning accepted the idea of ​​selling his share. In late 2009, we launched the sale of our 20% stake in NBC Universal, and there is barely three months we have realized. The proceeds from this sale enabled us to negotiate and secure the purchase of 44% of SFR held by Vodafone. It is a major turning point for Vivendi. It marks the completion of a long phase of restructuring and simplification. In less than ten years, Vivendi has experienced a profound transformation.

What is your strategy?

First, Vivendi has strengthened its core businesses into global and national leaders.Then, a conglomerate we have an industry group, managing all its assets and without minority participation. Finally, buying GVT in Brazil, we went looking for growth. Now we focus on organic growth through internal innovation, developing new products and services.

This transaction is financially attractive it?

It is a very good transaction for our shareholders and I am sure they appreciate it. With 100% of SFR, we have better access to its cash, especially a sharp increase in the outcome of Vivendi over 400 million euros in 2011, more than 600 million euros in 2012 and 2013, 350 million euros in 2014. This acquisition will bring us so 2 billion euros in extra profits in four years. Accordingly, we expect to grow our dividend in 2012.However, the dividend will increase more slowly than profit, as our distribution rate, currently 64%, is among the highest.

Are you going to buy out the minority of Canal + and Activision Blizzard?

For our subsidiary Activision Blizzard, world number 1 video games, trading in the United States gives visibility and shows the true value of the company fast cash. It also helps to develop the best talent pay systems that underpin the success of such businesses. Regarding Canal +, Lagardère our agreement with a scheme based on fairly simple: either we reach an agreement on the purchase price of the 20% stake in Canal + France, or it can make the market participation stock. The operation failed OTC, Lagardere launched and then stopped the IPO.We did not reopen negotiations with Lagardere.

Vivendi now appears as a group of telecom. Will you keep the contents?

I reject the relevance of the classification between telecom and media. For me, it is the organization of markets in the last century. Today, we live in a continuity in the value chain to the consumer digital content creation, platform services and applications, network infrastructure. Vivendi has a unique advantage is that it is present at all stages of this chain. Recently, the value focused on platforms such as Google, Facebook, iTunes. We, we, our own specialized platforms that fully meet consumers' expectations and World of Warcraft in-game video, Vevo in music, Canalsat in television.We continue to firmly establish and develop platforms to expand our services, not to be reduced to the role of "dumb pipes" as some would have us confine.

Do you create platforms that will be the future of Facebook or Twitter?

From experience, this is not in large groups to create social networks like Facebook, Twitter or their successors. Our presence in the platforms has a logic of knowledge and travel beyond the borders of our core businesses. Our mission is to cultivate more land to our jurisdiction, our businesses and our territories.

Do you intend to create more synergies between telecom and content?

The group did not need to be justified by synergies artificial. In contrast, we develop joint projects in our activities, piecemeal.For example, Universal Music and GVT created a digital music offering in Brazil, SFR sells offers Canal + in its 820 shops, Morocco Telecom and Canal + are working together on pay-TV platforms in Africa. I think when the synergies they can create additional services and therefore additional growth.

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Spain calmly observes the release of financial assistance to its neighbor Portuguese. The Economy Minister Elena Salgado has ruled out any risk of contagion. The facts give him reason for now: the Spanish treasury was placed yesterday, four billion euros good for three years from 3.601%, a decrease compared to the issue of March 3.

Two new reasons for this positive market reaction. "On one hand, the European Union now knows how to respond to financial crises of its members, analysis Giada Giani, an expert on Southeast Europe at Citigroup. Moreover, Spain has implemented reforms that Portugal is just beginning to discuss on the labor market, fiscal policy and the banking sector. "

For Brussels, "Spain is facing significant challenges, but it is on track to meet its objectives."It would be "totally inappropriate to compare Portugal to Spain," said Secretary General of OECD, Angel Gurria.

"Spain has done much to reassure the markets, but has yet to take action on reforming the labor market," Jean-Claude Trichet shade no faxing 1 hour payday loans.

The position of savings banks also remains fragile. In 2010, Madrid has injected 11 billion euros in "cajas", the latter have sought additional 6.5 billion in March. But ratings agency Moody's believes that they will be provisioned and 50 billion euros to ensure their viability.

"Spain has done much to reassure the markets, but has yet to take action on reforming the labor market …" Jean-Claude Trichet shade situation Savings Bank also remains fragile.In 2010, Madrid has injected 11 billion euros in "cajas", the latter have sought additional 6.5 billion in March. But ratings agency Moody's believes that they will be provisioned and 50 billion euros to ensure their viability.

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Since the beginning of the year, battling top Ninjago snapped up in the playground. Kai warriors, Boneza, Kraz and friends compete in tournaments Spinjitzu. The star, Kai, is already No. 3 in sales behind the Beyblade spinning tops (Hasbro) and hamsters Zhu Zhu Pets (Giochi Preziosi). The point where it is now found in many stores in France.

The Danish manufacturer, now number 4 in the world of toys last year with 2.15 billion euros in sales (+37%), has bet big on the launch of Ninjago, one of the most important history of the group. Within months, the second diversification of Lego outside its core business. Last year, he embarked on the games to build. It is now invading action figures with six tops.Lego, which enjoys full of "phenomenon" Beyblade (1 million copies sold last year in France), hopes to ride the popularity of collections and mini-portable characters. One way for the group to broaden its audience and attract the universe "Lego" of children who are not necessarily fans of construction sets.

Convince children

"In France, Lego plans to sell over a million rotors in 2011," said Eric Le Figaro Maugein, the CEO of Lego France. "Sales in January and February exceeded our expectations." The entire collection Ninjago (figures, construction sets) could generate $ 20 million in sales. Nearly a quarter of sales in France. Eric Maugein placed on its Japanese warriors to advance his pawns in France and enhance brand appeal.After 35% growth last year (145 million euros in toys sold), it expects 20% in 2011. He also hopes to increase its share of the pie and from 5% to 6% of the market.

For if the group has doubled its sales in six years, it remains a challenger in France, No. 5 behind the industry heavyweights. Penetration remains three times lower than it has in Germany. The establishment of a French subsidiary, with its own marketing department and teams dedicated to each distributor, dates only from 2004. It has helped to clarify the expectations of French consumers. Since then, LEGO has relocated to France's "traditional" (Duplo, City, Technic, Star Wars) and put the accelerator on its advertising investment (+30% in 2010).

Lego face rising raw material costs

Last year, Lego has won 130,000 new children are now buying nearly three boxes per year."We are confident in the ability of Lego to convince even more children they can have fun while developing their creativity," said Eric Maugein, which has launched a "club" Lego and a dedicated website fans. In 2011, Lego also betting on the other pillar of the group, the licenses, which now generate 40% of sales, with the last episode of Harry Potter movies. He signed last year a partnership with Disney that will benefit him in 2011 to outflows of Cars 2 Cinema and Winnie The Pooh.

Only downside, higher raw materials. "We were able to absorb rising costs through productivity gains and growth in our volumes," said Eric Maugein, whose prices rise less than 1% this year. "Lego is already positioned as a premium brand.We really need that raw material prices to explode the situation changes. "

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The Airbus tanker derived from the long-haul A330 aircraft, will enter service later this year in Australia. Canberra has ordered five copies of this multi-role military aircraft, both tanker and cargo, should receive its first aircraft in spring. "In general, the commissioning follows eight to ten months later," says one Airbus. The European aircraft manufacturer delivers a complete unit which will then be militarized by the client, by the Royal Australian Air Force, for example with cons-measures to protect the aircraft. In Australia, a partner in Airbus, Qantas Air Service, which will implement the rigid pole, called boom refueling.

The A330s will begin in Australia military career already well underway. The European aircraft, also known as KC-45, has won all the latest tenders in the world.He was chosen by the British Royal Air Force who ordered 14 via a leasing agreement unprecedented in military matters, the Saudi army with five units and the army of the United Arab Emirates (UAE) up to three tankers. In total, Airbus has garnered 28 orders from four customers for a value not provided. As a guide, the list price of the A330 is 170 civilian million.

Apparatus assembled in Toulouse

The European supply has received its airworthiness certificate civil March 17, 2010 by the European authorities (EASA). His military certificate was issued by the National Institute of Technology Spanish competent authority in this case as Airbus Military, which is responsible for military programs Airbus is based in Spain. The product however is assembled in Toulouse, France on the same production line as the A330 civilian.

Airbus shows significant ambitions for its KC-45. In his own studies, the potential market is around 250 aircraft in the world outside the United States. France, for its part, could be ordered 15 copies.

It's official: Sanofi-Aventis buys U.S. biotech Genzyme. The laboratory has improved its last offer, which was to expire at midnight yesterday after being launched on October 4 and extended twice. The two parties reached an agreement and the offer will end on March 16 upgraded.

Sanofi-Aventis and will spend $ 20.1 billion in cash (or 14.9 billion euros) to acquire the worldwide leader of rare diseases. An amount equivalent to $ 74 per share, or 5 dollars more than originally proposed. Genzyme shareholders will also receive certificates of conditional value (CCV). The latter could result in additional payments if the biotech meets certain sales targets.Security holders may receive up to $ 14 and additional action if sales Lemtrada, a drug used against leukemia that Genzyme is trying to certify against multiple sclerosis, achieve the goals most optimistic.

In financial terms, Sanofi-Aventis believes that the transaction would increase earnings per share of 0.75 to 1 euro by 2013. The Group Chief Executive, Chris Viehbacher, adds that the merger "should be accretive in the first year, in other words that the approximation should have a positive impact on the Group's profitability in the first year while the transaction should be completed in the second quarter of 2011.

Genzyme will be a new growth driver

Sanofi-Aventis also focuses on the strategic dimension of this approximation.According to Chris Viehbacher, the operation "will create a significant new growth platform for Sanofi-Aventis by expanding our presence in biotechnology." The lab also intends "to Genzyme's global center of excellence for rare diseases."

In terms of Genzyme, the title earned 3.53% to 74.30 dollars at the close of Wall Street yesterday in preparation for this announcement and before publication of its annual results on Wednesday. In 2009, the biotech had achieved a turnover of 4.5 billion. Its activities are an important growth driver for Sanofi-Aventis, faces competition from generic drugs.

Furthermore, the reorganization of groups is running. Sanofi-Aventis has already indicated that the CEO of Genzyme step down but retain an advisory role on the transaction.Remains to be seen what any other restructuring induced by this marriage.

In early trading, Sanofi-Aventis under the lead of more than 2.4% and signs and the largest increase in the CAC 40. The benchmark index of the Paris Bourse rose by 0.4% to him.

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The investment fund PAI, which has sold its 50% stake in Yoplait, had confirmed the interest in the world number two yogurts. While fourteen suitors had withdrawn an information on the group, they are nine to be filed Friday, an offer "nonbonding." Besides the three investment funds Bain Capital, Lion Capital and Axa Private Equity, Lala is the Mexican, Chinese Bright Food, the American General Mills, Nestle's Swiss or the French Fair. As stated in the JDD, even Lactalis, which had not removed the information memorandum, has applied for membership.

In late 2010, the French group had drafted a proposal to repurchase $ 1.4 billion for the entire share capital of Yoplait. This offer was rejected by PAI and Sodiaal cooperative that owns 50% of Yoplait and intends to remain a shareholder.Good news for the seller, bids exceed 1.5 billion euros, up for some well beyond the price that was articulated by Lactalis hitherto a reference. "It's normal for between-tempsYoplait bought his franchise in Canada and that carries its enterprise value over DE1, 5 billion euros," recounts a close case. PAI should retain in the coming days with some candidates identified for further discussion.

Click on the thumbnail to enlarge the graphic.

After a bad year in 2009 during which their distribution was down 3.5%, the national daily information (non-press horse) recovered a little breath in 2010. According to final figures from OJD, the monitoring body of the press, broadcasting France paid the eleven national newspapers last year grew by 1.6% over the previous year, reaching an average of 1.598 million copies per day. "We must not hide his pleasure, these figures are good news, says Patrick Barter, Director General of OJD. While the ground lost in 2009 was not returned. But the bleeding has stopped. We are dealing with a real progression for the majority of titles. "

The largest increases, however, are not spectacular.Driven by new formulas, La Tribune and Liberation rose 2.3% and 1.36%, after a particularly trying year 2009 for both titles. Le Figaro retains its position as the leading national newspaper with a circulation of 316,732 copies, France paid an average increase of 0.77%, thanks to the full-year impact of the new formula was launched in September 2009. Sales did well in the second half. In December, Le Figaro has gained 6.3%.

Without displaying a rise in sales, three titles – The Cross, The Team and The World – have stabilized their positions.Currently in transition with the entrance to its new shareholders and capital of the imminent arrival of a new boss for its editorial, Le Monde, third nationally with 286,348 copies daily, has halted the decline in sales on the decline 2010 (-0 bad credit payday advance.59%) being small compared to that of 2009 (-4.1%).

The group suffers Le Parisien

Further decline in revenge for Today in France (-7.82%) and its regional edition Le Parisien (-4.65%), both published by the Amaury group, whose broadcasts had already fallen sharply in 2009. The business daily Les Echos (115,706 copies), which was one of very few titles up in 2009, went through a bad second half of the year which resulted ultimately in a decline of 4.66% of its dissemination France paid over twelve months. The International Herald Tribune has yet to turn down.After falling 15% in 2009, the spread of English-language newspaper owned by The New York Times lost 4.84% last year, dipping below the 20,000 copies. As for France Soir, which was relaunched last March, it reached a circulation of 74,531 copies. Its Russian shareholder, Alexander Pugachev, is 100,000 copies by the end of the year. A new formula was inaugurated in January.

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In a forced march. Less than a month after announcing the opening of exclusive negotiations with U.S. publisher Hearst, Lagardère has completed the sale transaction of its global news division.

According to our information, the operation reached a total value of 720 million euros, 650 million in cash and 8 million a year in royalties under the license for Elle magazine. What credit the women's magazine with a net present value of at least 70 million euros.

Lagardere, which has a framework agreement for this purpose in several countries, will retain ownership of the brand, merchandising and will have a say on the editorial line.

If Lagardère now refocuses on France, it protects the passage of one of its most beautiful asset in the national territory through a licensing agreement with a purchaser Hearst.Finally, Lagardere keeps 30 million euros of real estate that he intends to sell later. The scope of the operation on 102 newspaper titles in 15 countries. Neither Hearst nor Lagardère were willing to comment on the Sunday operation.

This sale is expected to positively surprise the market. Aware of the nuggets of the group as the 42 versions of Elle magazine and the 12 international versions of Psychology, the latter assumed an amount exceeding 500 million euros, but its high estimate never exceeded 700 million. Is roughly the turnover of the international press center, which has 5,000 employees and 58% of the total turnover of the entire magazine division of Lagardère my credit score.The latter amounting to 1.270 billion euros.

Leader

Finally, the United States, Lagardère is also the publisher of prestigious brands such as Car & Driver (1.3 million copies) and Woman's Day (3.8 million). What have raised the stakes throughout the negotiations.

This operation will therefore allow the French group company debt in late 2011 and get him out of an industry where it considers no longer have the critical mass to compete favorably and restructure. In 2009, the victim of a sharp downturn in advertising, more marked than in France International, the group had already sold five U.S. specialty magazines (Popular Photography, Flying, Boating …) to the publisher Bonnier.He had also arrested a half-dozen magazines in the world.

For his part, Hearst consolidates its leading position in the magazine not only on its home market but also globally. The latter has a total turnover of $ 4 billion and employs approximately 20,000 people worldwide. He holds a dozen magazines like Harper's Bazaar – the biggest competitor of Elle – Cosmopolitan, Esquire, Country Living with nearly 200 international versions. If the strategy is clear to the American group, Lagardère will now have to convince his own. Last week, he emphasized his desire to concentrate on its subsidiary Sports Unlimited.

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Xavier Thouvenin, lawyer Michel Balthazar, was confirmed earlier this evening that his client, one of three executives at Renaultsoupçonnés spying, received Saturday morning by his employer a letter of dismissal for gross misconduct. "We're going to tribunal. However we decided to take a few days of reflection before deciding whether further proceedings, made a point Xavier Thouvenin.

Christian Charriere-Bournazel, a lawyer Bert Rochette, also suspected of espionage, means, in turn, make an action for defamation direct quote non-public proceedings before the police court on Monday."I want to force the Renault company to give us what they consider their evidence," Le Figaro said Mr Charriere-Bournazel.

It is possible that Michel Balthazard also calls a procedure to the extent that the letter he received is very similar to that of his colleague. "In his letter, the manufacturer says that my client received money from foreign sources leading Renault to be satisfied, in exchange for money, as Michel Balthazard gave strategic information to the company, said Xavier Thouvenin . The company offers no real proof and serious. She has only one conviction. That Renault made the deduction. I find it very light. It looks like a rush job. "

Another point emphasized by counsel, the change in qualifying action.The letter speaks of strategic counsel notes, while Patrick Pelata, deputy CEO of Renault, said, a week ago in an interview with Le Monde, no "nugget technology strategic plan Innovation has been filtered out of the business, including nearly 200 patents issued or pending filing.

Travel in China

In this case, Michel Balthazar, 56, a member of the steering committee, was nominally appointed by the anonymous informant. According to sources familiar with the matter, a number of trips to China within a family have been recorded as part of investigations by the manufacturer.

Michel Balthazard visited frequently in the country just to visit his son who worked there, says his lawyer.It was during trips to Korea and Japan, two countries where the manufacturer has subsidiaries, Samsung Renault and Nissan, as Michel Balthazard was organized to spend a few days in China, not really hide it in Since its tickets were booked by the travel agency of Renault. "He went one last time in China in November 2007, before her son parte settle in the United States," added Xavier Thouvenin. It was three years ago.

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Prices have tended to decline slightly during 2010. This is shown by the Observatory's published Tuesday by Rural Families. Since 2006, the Consumers' Association points out six times a year the prices of consumer goods in different shops that are more rural. This year, between the first survey in January and the last in November, prices rose 0.19% on average, all brands combined.

The average price range – a set of 35 products from 13 categories ranging from water to personal hygiene products through frozen foods and feed-stood at 133.19 euros. It is down 0.5% from the panel through the 2009 atteignanit 133.89 euros.The association compares the prices by store type (hypermarkets, supermarkets, convenience stores and hard discount), but also by product type (national brands, private labels, 1st prize). If the range of products sold on average 133.19 euros, the average price falls to 98.28 euros and if we take into account that the first price products. For brands (private label), it amounts to 127.32 euros, rising to 173.97 euros for national brands (+2% in one year).

In five years, prices rose 2.7% on average. The barometer also stresses that these are the first products prices experienced the largest increase since 2007.While retail brands fell 2.2%, the "entry level" took about 8.1%.

The price, at the expense of quality

The study of rural families also shows that it is better to shop in supermarkets, hypermarkets rather than in hard discount store or local shops. National brands are sold cheaper than 1.2% hypermarket, 17.5% also cheaper than in small shops. Supermarkets are also best placed in prices for private label products. 1st prize for the products, hypermarkets and supermarkets are at par, but are cheaper by about 5% of the hard discount retailers. Family Farm Association had already reported a year ago that the hard-discount retailers were not the best position, even for products first prize.According to Yves Puget, editor of the magazine LSA, which specializes in distribution, when asked on Europe 1 radio on Tuesday, major retailers have positioned themselves in the niche products said at the range – 50 to 60% less than marks national face competition from hard discount stores. For him, it was however at the expense of quality that is not there, which explains why sales of these products have stagnated. Rural families complain that the poor are disadvantaged by this practice.

(With AFP)

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