Printing money it means clearly reflationThe next trilateral summit should be held in Poland in 2008 It providers to access to the Internet to do soSome appeared us particularly sémillantesonly for the damage caused to other road usersThe path that is both realistic and courageousBut the Government cannot claim victory so farFinally the restrictive and protective legal regime already defined by articles lWe do not want the Government to assume all risksSide also transport network should investBounce or give up. A difficult expected this afternoon Gérard Mestrallet. To its Board of Directors, the President of Suez will have to find words and solutions to still believe in the merger with gas of France. According to several sources, it would focus at this stage the implementation of cross-between the two groups shareholdings. A way to initiate the fusion, without waiting for the privatization of GDF. But the bankers of the gas, they explore other trails, in particular that of a SFM OPA on Suez. Such an operation would lead to the creation of planned as a whole, without requiring the State to fall below the 50. Politically, renationalising Suez in full electoral campaign promises however sports.
A week after the decision of the Constitutional Council, which has postponed the privatization of GDF after July 1, 2007, the project of marriage never appeared in any case also wrong committed. Behind the optimism of facade, which suggests that the process could run its course and lead the next summer to the birth of a new European energy leader, everybody has understood that the operation was compromised. By procedural obstacles that never fail to build trade unions opposed to reconciliation. But also and especially by the political calendar, which will inevitably telescope of the merger.
Today, Suez administrators expect Gérard Mestrallet proposals that would break the deadlock. "Administrators need certainties," says a good connoisseur of the record." Since the decision of the Constitutional Council, they are more no. In one way or another, the President of Suez must now give guarantees on the sequence of events, because none of them will he sign of blank cheque.
Structuring industrial agreements
At this point, the "ultimate" goal of directors remains, it seems, the merger with SFM. "All the shareholders represented on the Board of Directors are on this line, says a well-informed source, starting with the first of them, Albert Frère.
He will return to Gérard Mestrallet earlier to the range of solutions to "secure the deal." To achieve this, the CEO of Suez, which yesterday received a letter from SFM him repeating his desire to see the fusion project lead, excludes now "no option". Starting from the principle that the merger will not materialize in a timely manner and that political hazards could the questioning, several "intermediates" scenarios should be made available this afternoon to the directors of Suez. The idea is to explore trails starting a rapprochement and making somewhat inevitable merger, without being necessary at this stage to privatize the French gas.
In this context, the establishment of cross-shareholdings could be accompanied "structuring" industrial agreements, showing that both groups are able to do together. The type of schema that was favoured at the beginning of the year, when the political context was not yet in operation. He had notably led to the announcement of joint projects of power plants in the South of the France. The threat of a hostile takeover bid of Enel, the Prime Minister had finally opted for a merger in good and due form. Today, the case could go back to square one.
