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Dalloyau sells half of its capital to fund

Tuesday, March 16th, 2010

After several months of discussions, Dalloyau brought a shareholder outside its round the side of the Bernard family. Perceiving the French fund takes 50% stake in the company and half the seats on the supervisory board. Its president, Jean-Louis Grevet, will share the leadership with Gavillon Nadine Bernard.

"For many years we wanted a partner, and we have not said much before finding with perceiving people who speak the same language as us," says Christelle Bernard, CEO of the company alongside his brother, Stephen. The company, founded in 1682, had been picked up by their grandparents in 1948.

"We specialize in assisting French SMEs who need to take a course, adds Jean-Louis Grevet.We're here to help Dalloyau to regain the confidence of the financial world and to empower it to develop. "

The investment amount was not disclosed. This new money will anyway welcome to Dalloyau, who just pass through two very difficult years. After a downturn and a loss in 2008, its sales fell again in 2009, "approximately 25%" to 35 million euros, and the result remained in the red.

Faced with serious problems of liquidity, the company sought the assistance of Ciri (Interministerial Committee for Industrial Restructuring), an organization of Bercy, to negotiate a deferral of its social and tax claims. According Christelle Bernard, "less than twenty" of jobs were lost in 2009 to reduce costs.The company employs 380 people in France.

Like its competitors, Dalloyau suffered economic slowdown but especially since the fall of 2008, the collapse of the market for corporate functions. The new shareholder was nevertheless confident in its ability to recover and regain financial balance this year.

International development

With this capital injection, Dalloyau plans to invest in its image to expand its business. The brand has only six stores and two "corners" in France. It could decide to open up. Overseas, the brand has 26 outlets in franchise in Asia and the Middle East. Projects have already been announced with external partners in Qatar, Dubai and Morocco. This jewel of French gastronomy has also exported its famous macaroons in Japan.A discussion could be initiated on its installation in the United States.

Perceiving Capital was founded by former fund turnaround firms in difficulty Butler Capital. Last year, he invested in the CMW Trailor ACTM International, manufacturer of semi-trailers. It also looked at the file coachbuilder Heuliez. Her entry in Dalloyau does not occur in the form of LBO (leveraged buyout by debt).

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GDF Suez enlist with the State

Tuesday, December 29th, 2009

Never change a winning team. GDF Suez announced Tuesday in a statement that the public contract that binds the group to the state for 2010-2013 was signed December 23. The formalization of this announcement comes a week after the Official Journal published a decree defining new rules for setting regulated prices for natural gas. "This agreement also strengthens and clarifies the conditions of tariff changes through a transparent, automatic and taking into account all costs of the company," said Gérard Mestrallet, CEO of GDF Suez.

Now, each year, the state, which holds more than 35% of GDF Suez, will set in order, the conditions of changing prices for the coming year. Then, while respecting this context, GDF Suez will propose an increase or decrease these rates."The natural gas rates will change based on costs incurred by the company to supply the final customer," the statement said. The new framework provides, inter alia, a review of annual costs out of supply (transmission, distribution, storage …) and quarterly changes in supply costs. Subsequently, these proposals will be subject to approval by the Regulatory Commission of Energy (CRE).

GDF Suez said that rising oil prices will not be reflected in the price of gas.

At mid-session, the stock price GDF Suez wins 0.90% (30.20 euros) to the Paris Bourse, where the Cac 40 in advance of 0.55%.

Citigroup could raise 20 billion to repay the state

Tuesday, December 15th, 2009

After Goldman Sachs, JPMorgan Chase, Morgan Stanley, and most recently Bank of America, Citigroup could in turn repay the 45 billion dollars in aid it has received from the American state to cope with financial crisis .

Dick Parsons, the chairman of Citigroup, said Wednesday on CNBC that the bank was in talks with regulators about the end of the repayment plan support Tarp (Troubled Asset Relief Program).

A fundraiser for 20 billion dollars (14 billion euros) with issuance of securities should be made according to sources quoted by CNBC in order to finance a portion of the refund. But to finally release the Tarp, which allows time for Washington to fix the amount of remuneration of employees of the group, such a transaction might not be sufficient.

The complexity of the assistance is in question as well: besides the 45 billion dollars in direct aid, the U.S. government has also agreed to $ 7 billion of "Preferred Securities" to offset the additional guarantees granted portfolio. And 25 of the 45 billion have subsequently been converted into shares of Citigroup type "ordinary". If fundraising is necessary, it should also allow for participation by the government.

Review bleak for the "Black Friday"

Tuesday, December 1st, 2009

"More people in malls, but less money to spend, so gloomy assessment of the first big weekend of shopping at the end of the year in the United States. The prospect of a significant increase in online sales during special promotions planned on Monday, a day renamed "Cyber Monday" has nevertheless somewhat reassured professionals.

Last year, the financial crisis and the collapse of credit availability during the fall had resulted in a dip of 3.4% of purchases at year end. Few analysts expect a fall as strong this year. The test of the weekend of Thanksgiving is not conclusive: the average shopper spent $ 343.31 dollars between Friday morning and Sunday evening.It is almost 30 dollars less than last year.

This decline was however offset by a higher attendance of stores: 195 million Americans flocked to the malls during the three days following the Thanksgiving holiday Thursday, 172 million were in this case in 2008. We must be cautious in analyzing these figures. The favorable weather these days is indeed a significant factor in attendance. Conversely, rising unemployment, the highest in twenty-six, and the persistent shortage of credit deter curious to succumb to the temptation of promotions.To overcome these two obstacles, the distribution industry is increasing its marketing efforts.

Emplettespour of the fun

The mall opened at dawn wanted the Americans to leave their home by displaying very low prices, but very limited quantities of popular items, for a few hours.

It was such electronic products (TVs, cameras, computers) or toys. Promotions less targeted and less fugitive is likely by Christmas. They might be less generous, however, because traders also need to preserve their margins.All factors combined, the National Federation of Retailers (National Retail Federation) table always erode global buyers end of the year of around 1%.

According to the firm ShopperTrak, during the single "Black Friday, the day after Thanksgiving, sales rose only 0, 5%. In contrast, online sales have jumped on that day by 11%, according to the firm comScore. Thursday, several department store chains publish figures of their sales throughout the month of November. This will give a better idea of the context in which the profession deals with Christmas 2009. The biggest surprise of this first weekend of shopping is that over 63% of Americans have opened their wallets to give pleasure, rather than the prospect of gifts.It shows a sign of underlying demand fairly high from some homes, eager to release a little of their savings discipline evident since last winter.

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Estrosi supports Proglio on remuneration

Friday, November 27th, 2009

Christian Estrosi, Minister of Industry, was set for the newly elected CEO of EDF, Henri Proglio, France 2 on the grounds of the legitimacy of his "wage request". This has indeed said Monday in the columns of the newspaper Les Echos wish to retain a level of pay similar to that which he received in private.

"If I could keep the income level I had at Veolia, it seems to me that this is not shocking in itself for a company that weighs 70 billion public offering" was well justified Henri Proglio.

Asked about the pay, Christian Estrosi said it must "show a little courage if we are to have the best captains of industry to lead our largest companies.Henri Proglio "accept new responsibilities higher" and "refers simply does not occur at a pay level lower," continued the Minister.

The debate on the remuneration of the new CEO of EDF had already been opened November 5 last, when the Minister of Economy Christine Lagarde was assured that Henri Proglio not accrue more and pay only perceive as president of 'EDF.

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Sino-French three proposals Christine Lagarde

Friday, November 27th, 2009

Last April, the presidents Hu Jintao and Nicolas Sarkozy have had a fruitful meeting with the G20 summit in London, putting the Sino-French relations over the rail of a healthy development. Recently, they met in New York, reaffirming their commitment to the comprehensive strategic partnership between China and French. To realize this convergence of views, to echo the call of the business communities of both countries and strengthen economic cooperation and bilateral trade, a delegation from the Ministry of Commerce of China and a "mission of promoting trade and investment "consists of 290 Chinese entrepreneurs from more than 140 companies, travel these days in France.

Despite the challenges of all kinds, economic cooperation and Sino-French trade has always grown at a steady rate.In 2008, the volume of our trade reached a record 38.9 billion dollars, an annual increase of 16%. Today, more than 2 000 French companies are operating in China, their combined sales amount to 25 billion dollars per year, equivalent to twice the amount of French exports to China. Our two countries have conducted fruitful cooperation in various sectors such as energy, aeronautics and aerospace, transportation, etc.. The France is the fourth largest European trading partner of China; it the first partner of France in Asia.

Despite the crisis, our companies have succeeded in finding new business opportunities. Of the first ten months of the year, bilateral trade volume reached 27.75 billion dollars.French exports to China have registered a decrease of 11.9% better performance than that of the foreign trade of China and Sino-European trade, which shows the opening of our recovery plan for French exports. More than 140 companies with French capital have been created in China during this same period, averaging one new company every two days.

The path the world economy of early recovery to a new growth cycle will be long and tortuous. The Chinese government, putting priority on expanding domestic demand, has developed a comprehensive plan. The results are there and the target of 8% growth for 2009 will be realized.

China has also sent a dozen missions to promote trade and investment to over 30 countries and made its contribution to the global economic recovery.The assertion that the crisis will be following the global economic imbalance due to large surpluses in Asian countries is without foundation. The imbalance between developed countries and developing deserves much more attention. Alas, this néothéorie world economic imbalance is in the process of furthering trade protectionism, threatening the economic recovery. The seventh meeting of trade ministers of WTO will take place in a few days, during which will be assessed progress in the negotiations of the Doha Round. The short term success of this cycle is essential to curb trade protectionism. I also make three proposals on bilateral Sino-French. First, increase exchanges between our companies.Recently, we welcomed the visit to China by Ms Christine Lagarde, who took with her famous French companies. And in early December, the third edition of the business convention "China Europa will be held to Le Havre. Second, turn challenges into opportunities, especially in emerging sectors such as the green economy.

Our two countries should deepen cooperation in areas such as new energy, environmental protection, transportation, aeronautics and aerospace, focusing on certain projects. At the same time, China is experiencing strong demand in services sectors such as finance, logistics, tourism, creative industry, software development. It will welcome French companies in its market.Thirdly, provide more facilities to increase the cross-investment, French and Chinese in China in France.

China and France are linked by a history of friendship. In the early twentieth century, many young Chinese have gone to France to study, including Zhou Enlai and Deng Xiaoping became the founding of new China. General de Gaulle made France the first major Western country to establish diplomatic relations with new China. Today it is for us to consolidate the traditional friendship between China and France.

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