Than its competitors Asian all opposed to the merger

The last will be the first. If this financial crisis to have morality, it is biblical, as shown in the example of the two leaders of the Italian bank. In a reversal of values that can only cause a profound movement of panic, UniCredit today capitalizes ten billion euros less than Intesa Sanpaolo, in late 2007, the gap was seven billion in its favour. The first but should win one billion euros in the second this year. Intesa draws, moreover, 85 of its revenues from the Italy which the economy should undergo the downturn in the euro area in 2008, while the Group of Alessandro Profumo, through acquisitions outside its borders, generates 30 of its profits in Central Europe and the East where it is number one. The stigma of the "sub-prime", although more visible in UniCredit, are not sufficient to justify the difference in valuation. Where then is the error She is looking at the Italian stock market authorities, until yesterday the last to have not prohibited speculation financial values down. With a little tenuous own funds, UniCredit could not only tend the two cheeks. While better with capital, the Bank led by Corrado Passera, author of the rescue of Alitalia, can continue to fly over his rival in a snowstorm.

The sharing of midi

Not only each sees noon to his door but, the situation of the hemispheres helping, it is of even more natural that the Australian positions are the exact opposite of European. Therefore one should not expect that the favourable opinion given by the Australian competition commission to the gigantic OPA 140 billion launched by BHP Billiton on Rio Tinto prejudge the decision of its European counterpart. The formation of a new group which, alone, will provide more than a third of world demand for iron is obviously worrying for all steel producers, who fear that it could exercise price pressure. This is not the case of the Australians. Not only Sydney saw a good look at the emergence of a giant but its steelmakers have their own mines. Despite all the efforts of ArcelorMittal, it is not yet achieved self-sufficiency. Than its competitors Asian, all opposed to the merger. Shareholders, they will determine the cost-effectiveness of the operation. In this regard, the offer of BHP, which could take the margin of Rio to the top, is not without appeal. The Australian remains appears to have revived the hopes of investors, as shown in net ascent of the courts of Rio, helping to erase the gap dug in recent weeks with the price offered by BHP.

Castles in Spain

The builders of the Tower of Babel wanted to climb so high that they would be God. New builders had thought that Europe's housing would always go further. Starting from a solid base in France, the company headed by Olivier Mitterrand therefore developed in Germany, Spain and the Portugal. Taking the train in motion, it undergoes head-on the bursting of the housing bubble. New manufacturers therefore stopped their activity to the Portugal while their Spanish operations are put into sleep with 11 yards with 40 unsold, no reservation since six months and 10 land that will not be marketed. Plans on the Comet which are expensive, melt the operational margin of the Group of a third party and plunge its net result in red. As the slump wins the France, Olivier Mitterrand is more likely to make any forecast for the whole of the year. A fog that accentuates the rout of a title that has lost 85 of its value, is EUR 300 million, in twelve months. At least can investors that have accompanied Olivier Mitterrand be console thinking it is the first victim of his lack of caution as he holds 74 of the capital. A sanction that do not undergo the leaders of the Caisses d'Epargne who have placed the Nexity group funds.