La Grande MuetteThe defence at least are defensive

Academe Andy Warhol who claimed the contrary, any advertising is not necessarily a good advertising. Advertisers discover their costs them struggling to bring consumers in their nets, which backs in their budgets while hoping more profitable by more creativity, including on the Internet. Unfortunately for the media, the digital-is hardly synonymous with business volume. Advisors are not necessarily the payers, the stock market has so far misé on advertising agencies that it considers at the forefront of a rebound still advance to the second half. Even after taking profit made by investors in the wake of the publication of internal growth once and a half lower than that expected in the first quarter, the Havas title remains the second largest increase in the European sector of the media since January ( 33), nearly struck by Publicis ( 26), when M6 is just to balance ( 0.4) and TF1 plays the red lanterns of the Index SBF 120 ( 32). Remains whether to draw conclusions from the start of the year who was already married Havas and Aegis as two more poor quarterly performance agencies.

La Grande Muette

The defence at least are defensive. In this regard, Thales has not disappointed, the decline of his title of 20 is comparing favourably to back over a year of 36 of the CAC 40. Be defensive does not necessarily mean however that they are well defended. Denis Ranque doubled the size of his group, he has failed to impose his vision not more that the "reservations" by the selection Committee of the directors on the selection of his replacement have been selected. The State, he advanced his pawns without hindrance. In preferring, for the redemption of the share of Alcatel, Dassault offer which valued the electronics EUR 1 billion less than that of EADS, he took a decision may be understandable on the difficulties of Airbus but questionable from the point of view of the economic interests of shareholders. The absence of a takeover bid to Dassault, which in fact takes control of the Group and walking the same not the State it is as much. Remain therefore to the minority shareholders of Thales for comfort to regard that with the replacement of Alcatel by Dassault it is at least a specialist in the sector in the cockpit.

Family I hate you

The most beautiful car in the world is much point once engaged in a cul-de-sac. One where stuck Porsche for attempting to take control of Volkswagen as a "hedge fund" only offers no possibility of backtracking. Operating in reverse, the counter of the EUR 9 billion of net debt in this risky stock market offensive closer constructor unsustainable deadlines, its financial cost Stuttgart two times and a half its annual operating income according to Morgan Stanley. Its inextricable situation leaves Ferdinand Piëch any leisure to drink the Cup up to the lie, the Chairman of VW deciding both the pace and the meaning of reconciliation talks. If this revenge has a bitter taste for the leaders of Porsche, Piëch also eats very cold. The involvement of his family in Porsche is devalued by almost EUR 800 million with the fall of 30 of the course of stock exchange since the announcement of an armistice.