Horn of indigenceOther times other mores

If the best way to remove a corpse from the sinking in concrete, Lafarge, the first global cement, was the ability to understand that an unpleasant potion was much better if it was drowned in a sweetener cocktail. Made necessary by the weight of the debt from the purchase of the Egyptian Orascom in January 2008 and the hot breath of the bankers to the inevitability of the breach of the conditions approach that they had put their loans, the capital increase is in effect for the shareholders a bitter pill for dilution and heavy haircut given the volatility of markets. A 46.2 from the last closing price, Bruno Lafont did not homework on trowel, as Saint-Gobain had been obliged to do so. The consolation comes from what he knew determination now half of their dividend to its shareholders, in fixing his company an internal plan savings and divestments and efforts by borrowing 1 billion to the banks. It can also come from what the foundations of Lafarge remain strong, that they are strengthened. If one compares the situation of French in the collapse of a HeidelbergCement for example, it is probably better placed to meet a day the immensity of the emerging needs in infrastructure and housing.

Manu voltage

It burdens that even the most strong lift trucks can withstand. It is clear that if Manitou wields the weight, it less masters the art of prediction. Surpayant with a 120 bonus the Gehl American last September and on the part of his sales conducted in the United States from 2 to 13, the least that can be said is that he made an error of timing. The Group of Ancenis take advantage of the weak dollar in a market that he believed the worst was behind him, he has harvested that fall by more than 20 of the sales of Gehl. Acquisition which was to be "accretive" on earnings per share in 2009 is instead reveals an extra ball in an already appalling situation for this provider in the industry. Gehl debt financing, purchased $ 379 million, can lead the latter to put under the protection of Chapter 11, bankers getting to examine closely its financing terms. The "success story" HABs has so little of what consider a happy end. It provides for 2009 operational loss, a drop in sales which could be 40 and the reduction of 20 of its workforce. As its title, which won 47 euros in summer 2007, it is divided by 10 and Manitou will be difficult to meet.

Horn of indigence

Other times, other mores. A golden age for not-so-distant but indeed gone, banks, such as the horns of abundance, paid to shareholders surplus of wealth created by bull markets by buying their bonds. Now that poverty is the successor to the profusion, Horn of bankers suddenly dried up, but not for everyone. When she goes up to deprive their shareholders all or part of the dividend, it now reserve its meagre benefits to their creditors. Royal Bank of Scotland, Lloyds Banking and UBS have recently proposed to their redeem their hybrid debt securities. In exchange for a discount of 30 to 40 from their baseline value, this type of transaction to the creditors the opportunity to rid considered toxic assets and debtors the opportunity to strengthen their own funds through open capital gains. Yet not forming part of the desperate banks which were the prerogative of these swaps of crisis, Credit Agricole following their Groove. Neither its solvency ratios depreciations expectations nor justify yet an operation which will have only a very minimal impact on its own capital. When the discount reached 29 for creditors and 60 on the title on the stock market since early 2008, the shareholders know now that common sense has turned.