Alone, Total, BNP Paribas and France Telecom accounts for one third of total profits. Total remaining the most profitable company in France (by far) Continue along the road and with an increase in profits by 28.1% in the first half of 2010 versus the first half of 2009.Other companies that have successfully managed the first half of the year, L'Oreal and LVMH, the luxury market is still juicy, Sanofi-Aventis and Capgemini, who continue their acquisition strategy.

In the past month, little more than 3,000 mergers and acquisitions have been recorded by Dealogic, but they were larger and ultimately totaled some 241 billion dollars. This amount had not been exceeded since December 2009, when analysts were anticipating a return of marriages companies.

Unless the meantime, the European crisis and volatility in financial markets have cooled the planet finance. And engagements have been postponed.But now that the equity markets stabilize, that Europe has erased all fear most about its viability and that the U.S. economy marked positive signs, a new wave of mergers and acquisitions could emerge. Above that company accounts have significantly cleaned up and financing conditions have also improved over the last few months.

But, given the length of the process, do not expect a peak to occur before the end of the year or early next year.

A climate still uncertain

If Sanofi-Aventis materialize its operation to about 20 billion dollars over Genzyme, the counter of mergers and acquisitions would be more energized.And the big investment banks that advise companies in discussions, would be delighted to manage more than big business.

But analysts said the large operations in July – for example, EDF and the China Cheung Kong $ 6.9 billion – were already in the pipes, and it is too early to predict a genuine resumption of the M & A (Merge and Acquisition) in the world. There are still too many uncertainties about the evolution of world economies.

Funds return

Investment funds account for 27 billion worth of M & A in July alone. A larger weight should be maintained, after the years 2008 and 2009 of discretion. These funds have indeed considerable resources.

2010 promises to be better than 2009

In 2009, mergers and acquisitions fell by more than half compared to 2008.Of the first seven months of 2010, nearly 1.5 trillion dollars of deals are made. It is almost 15% from a year before.

But we are still very far from the previous cycle peak of M & A – in 2007, the volume has reached 4.000 billion dollars.

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Net income from Lafarge withdrew its side of 29% to 233 million euros. The current operating margin shows finally a decrease of 30 basis points to 13.9%.

In the second quarter alone, sales rose 2% to 4.436 billion euros but, at constant perimeter and constant exchange rates, sales rose 2%. The operating income increased 5% to 836 million euros.It is stable at constant exchange rates and constant perimeter.

New measures to reduce debt

Brunot Lafont, CEO of Lafarge, said in a statement that "the pace of economic recovery remains uncertain and highly variable from one country to another," led the group to adjust its market forecast for the year 2010. Lafarge table so now on a variation of the demand for cement between -1 and +3% on the year compared to 2009 (against 0% to 5% expected in late March).

The band announced further steps to reduce its debt amounting to 15.16 billion euros (down 1% in the first half). Thus, it will "limit its investments in 2011 to 1 billion euros" and sets "a new goal of structural cost reductions of more than 200 million euros."

Marcoéconomique side, the Paris markets react to the employment figures fell after the stock market yesterday. After a bad month in May, June is a very moderate decline in the number of job seekers registered at employment center Class A (2,691,000 in metropolitan France, down 0.3%).

In addition, other indicators are expected: durable goods orders in the U.S. in early afternoon and the conclusions of the Fed's Beige Book in the evening.

But it was the avalanche of publications that draws attention:

Saffron (4.90% to 21.19 euros) has announced its first-half adjusted net income rose 8% to 223 million euros, above the consensus. The turnover amounted to 5.19 billion euros. The group plans for the rest of the income year similar to those of 2009.

Rexel (3.47% to 12.95 euros) has announced a turnover up 2.4% to 5.7 billion euros in the first half. The company expects a slight growth in sales on a comparable basis and constant number of days over the year and EBITA margin of an adjusted 4.5%.

ArcelorMittal (-1.78% to 24.28 euros) has reported net earnings of 1.70 billion dollar in the second quarter, well above the 1.16 billion expected by the markets. In contrast, the turnover of 21.65 billion, below the 23.1 billion expected.

Nexans (-2.70% to 54.50 euros) has reported a net loss after minority interests of 17 million euros for a turnover of 2.1 billion euros in the first half of 2010 (-5.3% in organic). The group, which says its target operating margin of 4% over the period, expects improved sales in the second half and a return to net profit.

Atos Origin (1.34% to 34.01 euros) announced Wednesday for its first half operating margin above expectations of 150 million euros, with a rate of 6% against 4.6% a year earlier. The focus group confirmed a slight decrease in organic turnover in 2010, but less marked than the 3.7% decline in 2009.

Bull (-15.93% to 2.48 euro) recorded a first half net loss of 18.4 million euros, against a net profit of two million euros a year ago.While it expects operating profit of between 35 and 40 million euros in fiscal 2010, he now sets out "a minimum of 30 million euros."

PSA Peugeot Citroen (-2.37% to 24.28 euros) Wednesday said profit from operations $ 1.137 billion in the first half against a loss of 826 million a year earlier. Net income group share of 680 milllion euros against a loss of 962 million. The manufacturer anticipates an operating profit of around 1.5 billion euros.

The announcement could also be reacted rival Renault (1.24% to 35.24 euros).Also in the automotive sector, Valeo (5.02% to 27.20 euros) a statement Tuesday its margin target in 2010 after a first half marked by a return to net income and a continued recovery in automobile production despite end of car scrapping.

EDF Energies Nouvelles (-0.20% to 32.65 euros) Wednesday reported an Ebitda up 15.2% to 168.9 million euros in the first half, below market expectations. The sales were meanwhile up 28.1% in the first half, to 545 million euros.

PagesJaunes (-1.70% to 9.07 euros) has reported a turnover down 3.5% to 542.3 million euros in the first half, below the 545 million expected.The publisher of printed directories expects a drop in revenues of 1% to 3% this year and confirms its margin target of between 510 and 530 million euros in 2010.

EDF and Areva: Following the serial

EDF (1.46% to 32.71 euros) and Areva (-0.57% to 338.05 euros) shall enter into a strategic partnership agreement covering all their areas of common interest in the Nuclear, said Tuesday the Elysee. The possibility of a stake in the capital of EDF, Areva will be considered in the context of this agreement.

LVMH (2.45% to 94.52 euros) Tuesday reported a strong rebound in sales and profitability in the first half, driven by the performance of Louis Vuitton.

Vinci (+1.66% at 38.31 euros) has returned to growth in the first half thanks to the first effects of the acquisition of Cegelec.The turnover of the first half came out up 1.8% on an actual structure, to 15.4 billion euros.

Air France-KLM (4.29% to 11.43 euros) on Tuesday confirmed the target return to balance its operational activity in 2010-2011 but remains cautious about the economic developments in the second half.

M6 (0.59% to 17.76 Euros) Tuesday posted first half results exceeded expectations, including increases of 9.4% of consolidated sales and 7.4% of advertising revenue M6, 12% in the second quarter alone. In an interview with Le Figaro, Nicolas de Tavernost, chief executive, hailed "a relevant model in crisis and recovery."

Crédit Mutuel-CIC announced Tuesday a partnership with Banque Casino, to acquire 50% stake in the subsidiary from the distributor.

Compagnie des Alpes (-1.96% to 20.51 euros) warned Tuesday that its sales in the theme parks is projected to decline in 2009-2010. The total turnover decreased by 7.9% in the third quarter, to 120.7 million euros.

Spir Communication (1.22% to 16.60 euros) again suffered in the first half with a decline in its turnover from 10% to 280.7 million euros.

According to a spokesman for the Prime Minister, David Cameron, "said he was in everyone's interest that BP remains a financially strong and stable". Nearly 40% of shareholders are British-including 25% of pension funds, and 40% are also Americans. The support of London has boosted the share price BP, whose market capitalization has lost several billion dollars since the explosion of the platform in the Gulf of Mexico. The title BP ended the session Friday up 7.2% in London, and 3.63% in New York.

Less good news for shareholders, BP has decided to suspend the payment of dividends, the Times of London. "The board of directors met Monday to approve the temporary deferral of payment of dividends," writes the British daily. BP has not confirmed the information, but the Chief Executive, Tony Hayward, told the Wall Street Journal that he was considering not paying dividends.

David Cameron is to hold talks on the phone with Barack Obama on Saturday 17h. The exchange promises to be tense: the two leaders must stand firm against their public opinion. The first to defend a large national group, the second to refute accusations of inaction.

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"The improved prospects for economic growth this year is good news for Europe," said Economic Affairs Commissioner Olli Rehn. But "we must ensure that risks to financial stability does not compromise this".These figures have initially supported the markets, before a relapse during the meeting.

Forecast 2011 decline

The Commission stressed that the pace of recovery could vary from one state to another. The Netherlands, Germany and France are expected to fare well in the game But in the South, we can expect a performance below average. Greece and could show a contraction of GDP – 3% this year and – 0.5% next year. Spain will be a little better, with growth expected to – 0.4% and 0.8% respectively. In Portugal, the Commission expects a GDP growth of +0.5% this year and 0.7% next year.For these three countries, forecast in 2011 have been revised downwards compared to the figures published in the fall.

The challenge for these countries is that they must serve their public finances without stifling the recovery. "Sustained growth requires fiscal consolidation efforts and specific reforms that improve productivity and employment", insisted Mr Rehn. The deficit is expected to reach 9.3% of GDP in Greece this year, against 9.8% and 8.5% in Spain to Portugal – the record being held by Ireland with 11.7%. But "if other measures sontentreprises farms (to clean up the accounts, Ed), we can expect that this will have an effect on growth," says one to the Commission.

While fears of contagion from the crisis scariest Greek markets, the EU executive wanted was reassuring."Greece is a unique and special," said Rehn, and "It's important to extinguish the brush fire before it becomes a wildfire in the European Union."

For its part, the head of the Eurogroup Jean-Claude Juncker, has ruled out any risk of contagion Greek, and any assumptions bursting of the euro area. As to former Commission President Jacques Delors, he expressed regret for lost time: "The firefighters are at work" to defend Greece and the euro, but "we must say they have been slow .

In exchange, Vale will receive 22% stake in Norsk Hydro, becoming the second largest shareholder in the company after the Norwegian state, and a cash payment of $ 1.1 billion.

To fund this mega operation, the Norwegian group will launch a capital increase of 10 billion kroner (1.75 billion dollars). The transaction is expected to close in the fourth quarter of 2010. On this occasion, by the Norwegian state will be reduced from 43.8% to 34.5%.

Too dependent on others until

The acquisition by Norsk Hydro is the largest acquisition made by a Norwegian company out of its bases No fax pay day loan. This operation ensures the supply of bauxite Norsk Hydro hundred years.

The main assets are redeemed in Vale's share of 51% in the aluminum smelter Albras, its 57% in the Alunorte alumina refinery jointly owned with Norsk Hydro – who now control 91% -, and 60% in Paragominas bauxite mine. Alunorte is the largest alumina refinery in the world, and Paragominas is the third largest bauxite mine, ore of aluminum base of the planet.

"We were so far dependent on others for the purchase of raw materials the most important [for the group, Ed], bauxite and alumina."This agreement will (…) Norsk Hydro group present on the entire chain with strong positions in the production of bauxite, alumina production, the production of aluminum and its transformation, welcomed Terje Vareberg, president of the board of directors, at a press conference.

Between degradation rate and retention Note

During a joint press conference yesterday, Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, director of the International Monetary Fund, have called on Germany to take an expeditious decision on aid Greece. Both men say they are confident. German Chancellor Angela Merkel seems he heard the message, since it has declared its intention to activate "as quickly as possible" aid plan.

Fortunately, a decision from the United States has been somewhat reassure financial markets. The Fed has indeed confirmed keep interest rates low for a "prolonged period".And this, despite a rapid recovery of the economy.

In this context, it will be interesting to see how values are changing bank, after they have been two sessions in the red. Above Credit Agricole said Wednesday night that its exposure to sovereign risk in Greece amounted to 850 million euros.

Quarterly Results: Sanofi-Aventis, and Technip for ArcelorMittal

Among the values that have posted Wednesday, PPR has returned to growth in the first quarter after five consecutive quarters of downturn, and said Tuesday anticipate a further acceleration in sales during the year.

The day of Thursday will be rich in quarterly publications: ArcelorMittal, France Telecom, Suez Environment, Sanofi-Aventis, Pernod-Ricard, Vivendi, AXA, Bouygues, Areva or Michelin publish.

Renault has announced that the equity between the group, its Japanese partner Nissan and Germany's Daimler had been made Wednesday. The three groups have formalized their alliance in early April for three to share technologies and reduce costs.

The U.S. unemployment statistics in the heart of the day

On the macroeconomic front, the day will, however, less responsible.On the program, the weekly claims for unemployment benefit, which will be published at approximately 14.30 U.S., unemployment for the month of April in Germany and in April business confidence in the euro area.

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Total revenues for the group led by Beno?t Potier amounted to 3.152 billion euros against 2.997 billion over the same period of 2009. An increase of 5.2%. The company listed on the CAC 40 was that the increase of its activity has occurred in all business sectors and in all geographic areas.The emerging areas, however, contributed to the improvement.

"Unless a major turnaround in the economy, Air Liquide in 2010 is a new growth in net profit in the continuity of its historical performance," said the CEO, which states that "the discipline in terms of cost management and cash (…) has been maintained during the first quarter of 2010 and the ratio of operating margin was slightly higher than the average for the year 2009."

Emerging markets drive our business

Gas & Services activity (2.76 billion euros, 8.3%) is indeed characterized by "a marked contrast between mature economies (+5% compared to Q1 2009) and emerging economies (28 %), while activity Industrial merchant finds the path of growth, although sales in the mature economies still lower than the first quarter of 2008 before the crisis easy payday loans.

Large Industries recorded a rebound in activity, particularly through the start and ramp-ups in China, South America and the United States. The electronics is experiencing a rebound, supported by sales of specialty gases.Finally, health remains strong, always worn by home care.

During the first quarter, Air Liquide welcomes the signing of three new contracts with steelmakers in China, construction of new production capacity of liquefied gas to India and starting five manufacturing facilities in emerging economies.

The group also continued its acquisition strategy in health.

Air Liquide outperforms

Since the beginning of the year, Air Liquide shares rose 6.43%, with a gain of 0.31% on Friday, listing at 88.37 euros. The CAC 40, it has seen its course take only 0.38% since January 1, 2010.

If in 2009, they were virtually stable operating margin of Air Liquide rose to a record level of 16.3%.Air Liquide profits rose an average of about 8% per annum over the last twenty years.

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