It is therefore reduced to explore options

Miracles are rarely repeated. After many attempts to rescue, the last of which, organized by the Government, seemed to allow him to escape from a first class funeral, Alitalia is nailed to the ground again. The interruption of the talks between the unions and the Italian investors embedded by Roberto Colaninno brings back the company which carries the Pope to the hangar. But the absence of compromise on the scale of needs to continue restructuring to the fly does not stop so the counters. Rhythm where the company burned his cash in July, all processions to Lourdes did not avoid it is short of fuel in one hundred and twelve days. Or even faster, rising of greenback compensating largely the decline of the barrel for the European companies which themselves are not equipped with thick blankets of anti-pétrole. When the price per tonne of kerosene has decreased in a month of slightly more than 10 in dollars, hindsight is more than 3 once brought in euros. No need therefore to implore the German Lufthansa to come courting the Scandinavian SAS, whose fleet of old gourmet MD80 fuel could be modernized.

Return to the standard

"This is not the weather vane that rotates, is the wind," said Edgar Faure, expert policy variable geometry. Josef Ackerman could use the formula on his own account. At the time the markets and investment bank activities are in full rout, Deutsche Bank is well inspired to increase its presence in retail banking. With only EUR 2.8 billion on the table for 29.7 of Post Bank, with an option up to 50, the first German bank will almost double its domestic network. And, in addition to the 850 agencies held by Post Bank, it will take advantage of its access to all financial post counters to better disseminate its products. What offset an activity carried out so far to 62 in the funding and investment bank. If the price was raised to style Spanish Santander, is 14 times the benefit expected this year and 11 times that of 2009 which will be in net increase. What console the shareholders of Deutsche Bank who has lost 35 percent of its market value in one year. By a second marriage between itself, after Commerzbank and Dresdner, German private finance is back in the European common lot, where large banks have very substantial domestic market share, and left BNP Paribas and Société Générale only in the narrowness of their networks.

Large tiles

The sale of family jewels serves most of the time to push back deadlines. Today, this is the situation of Sacyr Spanish. Eiffage campaign is more than a bitter memory. Real estate day is over leaving him uncertain business prospects and more than 18 billion of debt. It is therefore reduced to explore "options". After referring to sales of its subsidiaries for infrastructure and environment, it is now the surrender of his "jewel", its 20 Repsol, the second Iberian tanker, which is mentioned. As his fellow Repsol has cashed brilliant results, but it has not escaped the increase in costs, what explain a fall of 25 of its stock market value for three months with a course of about 20 euros, 6 less than the price paid by Sacyr in 2006. Everything is therefore dependent on the enthusiasm that could raise Repsol. Nothing is less obvious both majors are ready to all to new reserves, not the refineries now crushed margins. But Repsol activity consists in more than two-thirds by refining and distribution, while she was rolling in Latin America. Prospective purchasers were also bad history by the recent evidence of energy nationalism of Madrid. Even the family jewelry can be difficult to sell to a Spanish real estate which, like the American Bank, search desperately recapitalisation.