In Paris the CAC 40 index was unscrewed 5This is why it would not delay the relocationSo far they used the Internet to their imageIn Rock' n ' roll changing constantly cityToday the case could go back to square one 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 usersGeneral mobilization in IMS. After having written in emergency to their shareholders, and met with the greatest of them, the leaders of the French distributor of metals today meet financial analysts. Objective: obtain maximum support to repel the "creeping control decision-making" whose company, constructed from the former activities of distribution of Usinor, is threatened.
Hostilities broke out at the big day on 19 September. This Friday, Jacquet Metals, another company listed, French distribution of metals in stock, it also said have picked up 5 of the capital of IMS. A harmless all except investment. From the following Monday, Eric Jacquet, the CEO and shareholder in control of the SMEs created by his father, put points on the "i" before analysts: medium-term, he wished to "integrate IMS within his group and organize according to its"business model". A speech with a real charge against the current management of IMS, accused of overpaid its recent acquisitions and lead a less profitable than its own strategy, including procurement. How Eric Jacquet intends to focus on IMS Nothing specific is said. It is just its intention to purchase new shares, at a maximum price of 15.00 per title. He could tap into his own pool. "Without specifying the content, he also admitted having contacts with SIA", a Swiss Fund, reports the ID MidCaps analyst. First shareholder of IMS, with 10 of the capital, SIA also owns 5 of Jacquet Metals...
In IMS, concern mounts. JACQUET Metals is much smaller than the group led by Jean-Yves Bouffault. In turnover as in enterprise value, IMS weighs six times heavier than his rival! But unlike Jacquet Metals, the company is totally opéable, with a shattered capital. It is, Furthermore, weakened by a high debt and a stock market course which like that of Jacquet Metals dropped from 59 in one year, to cause including the decline in prices of stainless steel.
The battle is that begin
So it is not impossible that "small" Jacquet Metals seizes "large" IMS. "Jacquet Metals does not have the means to launch a takeover bid, said Fortis analyst. It would cost him more than 220 million euros at the current price. But it may rise to 20, what could it be sufficient to prevail in the General Assembly.
"If Eric Jacquet thinks that he can better manage IMS that we, as it launches a takeover bid in good and due form, paying a premium of control, instead of rampant Act!" exclaims Jean-Yves Bouffault, the President of the Executive Board. Especially, it disputes the interest even of a rapprochement between the two companies. "In 2006, Eric Jacquet we had already proposed to merge, he says." In this scheme, IMS would have purchased Jacquet Metals and himself would become the first shareholder of all. But after review, we have refused. Our two companies are virtually not competing. We offer different products 40,000, there where Jacquet Metals focuses on a niche, the stainless steel plates. Possible synergies are marginal. Such an association is always also destructive value.
To block the case, the direction of IMS wants to make up the River, with the best possible results despite the economic crisis. "It works on operational costs and the decline in debt, says Jean-Yves Bouffault. We will be a pause in acquisitions, while fees have somewhat declined. "Leaders are also investigating" possible entry to the capitald' financial shareholders ", playing somewhat the White Knights. The battle has only just begun...
