French, French. And more French in the Italian business. Even if the '"invasion" does not happen exactly without jolts. Between an unexpected twist on Bulgari, just engulfed by Lvmh, the luxury giant of billionaire Bernard Arnault, and the difficulties of another Scrooge from beyond the Alps, Vincent Bolloré, regular at Mediobanca, the advance on the big Italian groups also involves some little problem.
An American fund, a minority shareholder of the Roman group of fine jewelry, filed a complaint with Consob: Paolo and Nicola Bulgari would have handed over 57 thousand more shares than expected via the tender offer a month ago. And a premium of 1,2 euros would have been paid for these securities compared to the 12,25 euros fixed by the operation. It would be an oversight, but the funds (which still hold 25% of the capital) are now cashing out. The 57 shares represent very little compared to the over 150 million involved in the takeover bid, but Arnault must solve the problem. And maybe put your wallet back.
We come to Bolloré. In recent days, the directors of the Mediobanca shareholders' agreement gave the go-ahead to reduce the members of the nominbe committee from six to five, leaving more room for independent directors. The change results in a loss of weight by Bolloré and the foreign group of the pact. “Nagel and Pagliaro are very efficient and therefore it is normal to let them work as they want,” underlined (through clenched teeth) Bolloré. In a sense, an era ends.
Elsewhere, however, the French open new eras. Today was the first time for Bruno Lescoeur, Edison's new CEO, who presided over the board of directors of the company, controlled by Edf and A2a, with the presentation of the half-yearly accounts. Lescoeur has to manage the probable divorce between the Italian partner and Edf, who wants to become the real and sole owner in the Edison house. The manager, very reserved, is known above all for being very loyal to Henri Proglio, at the top of EDF, who wants at all costs to take revenge with the operation on contracts for the construction of new nuclear power plants which have practically escaped him hand after the outcome of the referendum in Italy.
In the next few days, on the occasion of the presentation of Parmalat's six-monthly report, another loyalist will appear in the limelight. This is Yvon Guerin, the new CEO of the Italian group. The manager, who has been at Lactalis for a lifetime, is the new "boss" at Parmalat, and is one of the trusted advisors of the mysterious and enigmatic Emmanuel Besnier, of the family that owns the French giant of milk and derivatives.
