Even when they are very successful on the Web

That too evil hugged. Between its development priorities at the confluence of the fixed, mobile, Internet and ADSL television and its debt of 47 billion euros, France Telecom better to immobilization capital in directories. Even when they are very successful on the Web. The sale of its majority stake in PagesJaunes would thus be an excellent strategic arbitration. As the operator does not have to be ashamed of this adventure. PagesJaunes today is 63, higher than its opening on the stock market two years ago. And many investors are hungry these recurrent growth and abundant risk-taking activities. So the operator could retrieve 3.4 billion of cash in the passage. What to reduce its debt so its financial costs of more than 7. Or, better, to spend a part to the repurchase of its own shares during the undervalued, and the rest to finance its growth without weigh on debt that the free current cash flow is sufficient to bring in fair proportion. PagesJaunes ensures that 2.5 of the operating margin of the Group and displays a more than 20 PER (double that of FT), any arbitration will be highly accretive for shareholders since only 54 participation represents 7.5 of the current capitalization and debt of France Telecom.

Infinitely small

The "nano deals" would have as many future nanotechnology By aligning 570 million for NeuTec Pharma, Novartis offers more than twice the price at which investors valued this biotechnology research society. Reported to the 23 employees of the British start-up, it is six times more expensive than just buying AstraZeneca. The operation is not less microscopic scale cash ($11 billion) and the free cash flow (5 billion per year) of Novartis. And the involvement of its Chairman, Daniel Vasella, to justify reflects mainly from its difficulty to find growth relays. NeuTec Pharma has portfolio two drugs at a stage of development, in a field infections in hospital priority for the Swiss group. Expectations are of any magnitude. Last year, Novartis conducted 9 billion of acquisitions, adding 5 to 9 organic growth. Despite this contribution, its capitalization is stalled around 150 billion, and the title is less well valued that that of its neighbour Roche. After his failure on the Aventis folder, Novartis has placed the large "deals" at the back of its strategic intentions. How long will it take its resolution

Eastern virus

The General takes more taste to the East. With strong positions in former"brothers", accomplished advocates of capitalism since the fall of the iron curtain, the Bank of Daniel button attempts for months to establish a foothold in the last Communist empire trying to conquer Guangdong Bank at the expense of the global giant Citigroup. But this March triumphant to the East, more extreme, left a huge gaping hole of St. Petersburg to Vladivostok. By acquiring 10 of Rosbank, the Bank of defence coup fills his device. The second Russian network covers, with its 800 agencies, 80 of the territory of the Baltic Sea to Siberia. The Russian banking system is still somewhat embryonic, the investment is limited to half a billion euros for participation which should reach 20 a few months. Société Générale, which has a real expertise in the management of banking business in former Communist countries, can gradually accompany the development of Rosbank. If its clear minority shareholder status restricts its influence on the management, it also reduces financial risk in a country whose economic and financial reliability remains to demonstrate.