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The maker of Smirnoff vodka and Guinness beer is poised to become the specialist of Turkish raki. The British giant Diageo puts his hand on Içki Mey, the leading Turkish spirits, after paying 1.5 billion euros from TPG Capital and Actera.

This group, who performed last year a turnover of 355.6 million euros, controls 80% market raki, the national famous alcohol with anise, and 65% of that of vodka. By seizing Mey Içki he coveted for several months, Diageo strengthens the distribution of its own brands in the Turkish market where it previously occupied fourth place with 4% market share of spirits, to Pernod Ricard (3% ).

"Turkey is an attractive market for Diageo and developed with strong growth in gross domestic product, says the CEO of Diageo, Paul Walsh.The acquisition of Mey Içki improves our position in the spirits market with high growth. " A market, boosted by the emergence of the Turkish middle class, which is still dominated by raki and alcohol cheap.

Rebalancing strategy

After several years of strong volume growth, they should nevertheless settle for 2015. "Diageo is betting on the transfer of consumption to international brands as they become more accessible," says Jeremy Cunnington, senior analyst at Euromonitor. The various taxes, which penalize hitherto imported international brands, should gradually decline by 2018. Diageo hopes to take full advantage with its broad portfolio of brands.

The acquisition of Mey Içki also part of a rebalancing strategy in emerging countries.During its last fiscal year (2009-2010), 67% of the volumes still came from the United States and Western Europe. It is precisely in Europe – particularly Greece, Ireland and Spain, where sales fell 13% in the first six months of fiscal year 2010-2011 – the slowdown has been most marked. "While growth in sales of Pernod Ricard was twice that of Diageo's first half is due to the lack of presence of the latter in emerging countries, China and India in mind," says Jeremy Cunnington.

Diageo, who had preferred to leave India after the Asian crisis in 1998 gave way to Pernod Ricard, which now owns 8% of the market. Diageo is now trying to regain a foothold in the region.He has just returned to 24% stake in the spirits of the Vietnamese leader (Halico) after taking control late last year of a heavyweight Chinese (Quanxing). China will become this year … second country, ahead of France, Pernod Ricard.

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The results from Pernod Ricard by emerging countries

Fimalac wants afford Accor Casinos. Accor, which still holds 49% share of Casino Lucien Barriere, came under discussion with the holding company Fimalac, announced the holding company and the giant hotel, confirming information Wansquare. "If the talks succeed, Fimalac inform the market with a new release," said the holding company of French businessman Marc Ladreit de Lacharriere.

Neither group has characterized these negotiations exclusive.

Accor thus remained in the process, begun there On several months of separating from its casinos Lucien Barriere. Last October, there was talk that the casino operator is introduced in Exchange, but Accor has canceled the operation less than 48 hours before the first quotations. Explanation: The lack of investor interest.The number one casino in France, also owns luxury hotels like Le Fouquet's in Paris, would indeed have been valued below the proposed price range (from 575 to 702,000,000 euros), which was too little for Accor.

Following this failure, the casino operator did not document-Accor maintained that all options were "reopened", including finding investors. However, management prefers Barrier IPO (IPO). This could suggest a new attempt in 2011.

A price around 550 million euros

According to our information, "it would seem reasonable that it is fastened below the price the IPO at around 550 million euros." Even if the purchase price is modest for Accor, "is clearly positive in terms of perception management," said one trader in Paris.

Fimalac, which include 60% owner of the rating agency Fitch, could then finance the acquisition entirely on equity, because it currently has net cash of 261 million euros.

In the 2009/2010 financial year ended September 30, Fimalac has reported a net profit of 30 million euros (+36.4%) for a turnover of 608.9 million euros ( +8.8%).

The group recently acquired the company Vega, French leader operating rooms dedicated to entertainment, sports and events and economic events. The company has notably orchestrated the return of Michel Polnareff in 2007 and is particularly associated with the operation of the Zenith of Rouen. He also holds 40% of Gilbert Coullier Productions, the leading French organization of shows for singers and comedians speaking.

Nothing works for casinos

The casino market has suffered tremendously, both from an economic crisis that has sealed the "entertainment budget" of the French and regulations become more stringent over time.

The journalist Laurent Joffrin, CEO and managing editor of the daily Libération since 2006, should return to work alongside Claude Perdriel, the owner of the newspaper group Nouvel Observateur (Le Nouvel Observateur, Challenges and Sciences et Avenir). Former managing editor of the first French news magazine (502,705 copies mailing France paid in 2009-2010, according to OJD) twice – in 1988-1996 and 1999-2006 – Laurent Joffrin should be given very shortly Chairman of the Management Group Nouvel Observateur.A position held previously by Denis Olivennes, who has just joined the group Lagardere Active to support the new Europe together information hub 1, the Journal du Dimanche, Paris Match and Internet activities Newsweb.

Guest this Friday's "Buzz Media Orange-Le Figaro, Claude Perdriel said he has" asked Laurent Joffrin help in a mission to revive the Nouvel Observateur. He is currently preparing a development, enrichment and adaptation of the magazine to the modern world for the end of March. " Claude Perdriel also proposed directing publication Laurent Joffrin: "I moved to Lawrence to join us one day soon, if it is compatible with the development of Liberation. It could provide a direct operational function of Le Nouvel Observateur and a function of participating in a consulting firm on Liberation.A system must be developed and in which he could bring his ideas and Liberation. "

Beginning last December, Laurent Joffrin had been instructed by Claude Perdriel and Edouard de Rothschild, which owns 36% of Liberation, "study all the possibilities of cooperation" between the Nouvel Observateur and Libération, until the equity between the two media groups. A three-month mission that takes a new turn today. After finding a new shareholder – the property group Land Colbert brings 12 million daily – and "managed to balance its accounts," according to Claude Perdriel groups, Liberation and Le Nouvel Observateur no longer consider that synergies " in derivatives, subscriptions, supplements and conferences, where we want to reach agreements together, "says the founder of the Nouvel Observateur."From the moment Libération was balanced and that the money taken to the journal is a development money and no money to cover the deficit, they need less of me," notes Claude Perdriel.

Born in 1952, Laurent Joffrin began his career as a journalist with Agence France-Presse (AFP) and the International Forum on a daily basis before becoming manager and editor at Liberation (1981-88).

When you think of the recurring criticisms of Axel Weber vis-à-vis the ECB and its decision to buy Sovereign debt, the face of Jean-Claude Trichet freezes, the voice becomes more serious: "No. This is not the position of the Governing Council with an overwhelming majority, "he replies.

This development, the president of the ECB has long preferred to be between four eyes. He ended up making it public last month, in an interview with La Stampa: "There is only one monetary policy and a president who is also the spokesman of the Board of Governors." President the Bundesbank was returned this time in its goals urbi et orbi. Better, Jürgen Stark, one of six board members, and its best ally in the house, took the final blow to his compatriot: "The organization must speak with one voice," says he end October. Weber continues his comments.

Hostilities between the boss of the ECB and its counterpart in the Buba back to the famous night of Sunday, May 9 Trichet met by phone, the 22-member Governing Council (the Executive and the 16 governors of central banks). On the stroke of 3:50 am is an awkward published: "In the current circumstances … the Governing Council has decided … to conduct market intervention of public debt securities."

Seems lifted a taboo: the ECB bailout failed states. "We just crossed the Rubicon," proclaims soon Helmut Schlesinger, who had chaired the Buba from 1991 to 1993, at the time of reunification. Axel Weber opposed all night, with Juergen Stark to the "vast majority" of other governors.Trichet's argument, whereas purchases of Greek or Irish only intended to "ensure market stability," prevailed.

Weber did not admit defeat. The day after he expressed his doubts. The decision "poses significant risks" and he objected, he said on television. A second taboo is shattered: the absolute prohibition of unveiling the "minutes" discussion board. "Alex Weber feared that the ECB will become a" bad bank "that would take on its balance sheet securities rotten, and it behaves like a bad boy," quips a senior official in Frankfurt, who admits to his "disorder".

Weber no longer has the support of Paris

It is enough: the very foundations of the institution are questioned payday loan. "Weber is an academic who has convictions and his outspokenness contrasts with the jargon of public servants.The ECB should better explain its decisions. It pays its lack of transparency and debate, "cautions Charles Wyplosz, a professor at the University of Geneva.

Respected economist of all, Weber, 53, is a latecomer to the world of central bankers. By accident, when he had to find a successor in 2004 to Ernst Welteke forced to resign for corruption. The German is proud of her positions trenches: "It is important to be diplomatic for the diplomatic corps, it is not so important for a central bank," he said in August. Even.

A few days later, Jean-Claude Trichet, no less, is "frightened" by the case Sarrazin, this member of the Executive Board of the Buba, which poisons the German political life by his racist statements.Yet it took more than a year for the skipper of the Buba finds a way to get rid of it!

With a quarter century of service to the European monetary construction, the current ECB president, whose term expires October 31, 2011, is instead a consensus maker, "His favorite item is the resolution crisis, when it comes closer to divergent views, "says Olivier Garnier, who was his adviser at the Treasury, now chief economist at Societe Generale. Repeated crises of the franc to those subprime, who is present in Germany as "the Ayatollah of the franc fort" was pretty well served.

For his imprecations, "Weber grilled his candidacy for the presidency of the ECB. He no longer has the support of Paris' slice MEP Pervenche Berès."To force to assert its position as Falcon, it has become so predictable that his statements no longer have any effect on markets," says an economist at the headquarters of the ECB. In the jargon of the markets, "hawks" argue for monetary tightening when the doves are more lax. Great poetry lover, Jean-Claude Trichet has endorsed this verse of Paul Valery: "The world is only by the ultras and lasts only by the moderates." Axel Weber thinks he can win without Trichet and consensus.

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Click on the thumbnail to enlarge the graphic.

Assists Is there a turning point in public opinion? The ruling of the French on the movements of strikes against pension reform is changing and becoming more complex. The idea of a massive and persistent support for the mobilization seems to crumble. The poll by the Opinion Way Institute for Le Figaro notes including a significant rise in disapproval of the bottlenecks in refineries or in high schools. But the newest item of the survey is also the wish of 56% of respondents that unions "shall respect the parliamentary vote" as soon as the pension reform is adopted, and "stop movement".A view that is shared by an overwhelming majority to the modem, the UMP, and also the FN – yet very antiparliamentarianism tradition.

The strategy of Blitzkrieg

This validation of the parliamentary republic is the first element buttress the contention of the Elysee, which has always argued that we should not take the French by surprise vote by the law during the summer or very early September, while in recent times, some viewed the majority that the strategy of Blitzkrieg, the time desired by Xavier Darcos, should be preferred. "The time for consultation and parliamentary debate was totally respected," stands near the head of state, "and the French have seen.""It's also a recognition that the method Sarkozy was not particularly authoritarian, except to consider one or two million protesters necessarily right against the president and parliament," says a devotee of the head of the state. The final acceleration of the Senate debate was the only departure from the compliance rate of parliament.

However since the beginning of September, the parliamentary debate was not forced. Informed of the failure of the CPE in 2006, Nicolas Sarkozy has been guided by the idea not to expose themselves to criticism to the French traitor, and so much more that pension reform was not a campaign promise. He chose this method to the risk of social conflict difficult to negotiate. "This survey shows that the law of the street shall not prevail against the law of Parliament," says someone close to the head of state.This optimism is tempered however by the Elysee, which does not fully suit the protests on "other issues around a ras-le-bol against the president."

A difference between "understanding" and "support"

OpinionWay our survey also shows that the public has a viewpoint more complex and nuanced than expected on the conflict cheap pay day loans. For example, there is a significant difference between "understanding" – more passive – the choice to demonstrate or strike, and "support" – most active – at these events. Respondents "include", 61% demonstrations and strikes against pension reform. But they are only 51% to the "support". "The idea of support is far more engaging. In general, the French are surveyed on their sympathy for the movement, or their approval.But approval is a far less involving than the support, "Bruno Jeanbart analysis, institute OpinionWay.

This grade vocabulary, which may seem high, is important. It also explains the difference between the rate of support collected by this survey and the very high rates published by other institutions, such as PVA (69% approval for strikes). Moreover, the quasi-equilibrium between support and non-support – 51% against 48% – shows a return of the cleavage between right and left, thanks to the radicalization of the conflict. There is a massive presence of the right and one from the modem to the disapproval of the student movement (55% of respondents). And this mobilization of the right is even stronger against blocking refineries (disapproved by 59% of respondents).Government intervention to unblock the same refineries is acclaimed to 63% above the 61% approval rating in the demonstrations. The reaction of "not touch my car" has played to full against the "blockers" and "thugs" that deprive the French of gasoline and burn their cars. "This means that the French are sympathetic to the protesters who does not at all," says a pollster. One point that Nicolas Sarkozy has understood, Thursday, choosing a hard line against the radicalization of the conflict.

Despite these favorable trends of public opinion, the Elysee acknowledges one of its communication failures: the pension reform was seen as inevitable, but "unfair" by the French. The contribution announced on high incomes – the first sprained tax shield – nothing changed."The visibility of the social movement was much stronger than our teaching," admits a counselor. "When the president will speak, this is an opportunity for him to repeat it calmly," he adds.

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Nicolas Sarkozy takes action. The president has ordered the Cabinet this Wednesday the release of all fuel depots.

"If there is not stopped quickly (to crashes, Ed), these disorders who seek to create paralysis in the country may have consequences in terms of employment by damaging the normal course of business" , warns the head of state.

"I would add that these disorders both penalize the most vulnerable of the French and those whose responsibility is to undertake the tasks of safety and health, serving the common good."

Earlier this morning, the Interior Minister Brice Hortefeux, who held a press briefing shortly after 7.30am, repeated that "the right to strike does not have the right to stop work and move on.We will not allow block the country and will continue to release the deposits. "

Firmness, so. The Interior Minister has confirmed that 21 fuel depots have been released since last Friday, including three last night (Tuesday to Wednesday), sites of La Rochelle, Le Mans and Donges, in Loire-Atlantique, then that "the west of France is threatened by a serious shortage," says the Minister.

UMP side, the unit premium. Pressing the speech of Nicolas Sarkozy, Luc Chatel, a spokesman for the government, assured that it "will not leave the country block" by the picketing. "Manifesting yes, block no," he said on RTL.

Unions and strikers side, the movement does not settle. If deposits have indeed been released, some are re-lock in the wake and others are attacked.On Wednesday morning, for example, it was the turn of the deposit (ODC pipelines common defense) in Port-de-Bouc in the Bouches-du-Rhone to be blocked. This deposit "kerosene supplies airports in Nice, Marseille, Lyon and the military air bases" of the region, ahead of Rashid Mehdi, who was elected to the CGT Total refinery at La Mede, near Martigues.

Donges unlocked, then inaccessible

For several days, police and strikers play the game of "cat and mouse". Shortly after 4 am Wednesday, police intervened to release the fuel depot Donges, in Loire-Atlantique, blocked since October 13. About 200 employees of nearby industries and trade unionists were at the rendezvous to meet law enforcement cash advances pay day loan.

After the release without incident, the strikers were immediately organized a blockade of all road access to this site.They have posted tankers on the roundabouts to the depot and slashed their tires to a complete stop. "All the way to the depot just been blocked," assured to 6:15 Hiou Christopher, the head of the CGT Donges refinery.

The filing of Ouistreham still blocked

Rebelote. Apart from Caen, the fuel depot Total Ouistreham who remained free access on Monday and Tuesday, was blocked again.

Two fuel depots are well blocked on Wednesday in the Calvados.He managed to Caen in Normandy by Fuel was again blocked in the night by his direction, after being released on the intervention of police Tuesday evening.

The filing of Le Mans Unlocked

A company of riot police, who came from Tours, arrived around 4:30 am and evacuated the sixty activists who protested against the pension reform before the oil depot of Le Mans in peace.

Trucks entering and exiting normally deposit, which was blocked since last Friday.

However, activists continue to block the Socamaine deposits, which supply the Leclerc Centres in the region, according to an AFP correspondent.

One third of the dry stations in France

While 4000 service stations are waiting for supplies, Francois Fillon announced a pooling of reserve stocks for the situation returns to normal by the end of the week.

Employees "are starting to have trouble arriving at the workplace," said the secretary general of the General Confederation of Small and Medium Enterprises (CGPME), Jean-Eudes du Mesnil du Buisson. The latter warns against the risk of having, "by next week," a slowdown or downtime "in the event of continuation or amplification of the shortage.Same concern MEDEF, Laurence Parisot which spoke of "serious disruption" in the building, civil engineering or chemistry.

With agencies

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U.S. stock markets are changing very slightly lower on Wednesday. Shortly after opening, the Dow Jones gained 0.15% to 10,778 points and the S & P 500 ahead 0.18% at 1142 points, while the Nasdaq was down 0.02% to 2349 points. On Tuesday, the New York Stock Exchange New York Stock Exchange closed in a disorganized, visibly disappointed by the cautious tone adopted by the U.S. central bank, which said it was ready to further support the economy, "if necessary . At the close, the Dow Jones gleaned 0.07% to 10,761.03 points, while the Standard & Poor's 500 lost 0.26% to 1139.77 points and the Nasdaq 0.28% to 2349.35 points.

On the foreign exchange market, the euro was more than $ 1.33. The Fed said that economic recovery overseas should be "modest."Investors, who, anticipating a period of deflation, have sold their dollars en masse, making climbing mechanically other currencies including the euro against the greenback. Yen tu its highs against the U.S. dollar.

On the macroeconomic front, investors are waiting to 16.30 including the traditional weekly inventory of crude oil to the United States. Indicators in real estate sales old and new, always under the microscope by the market are then expected Thursday and Friday respectively.

The side of values, after the close, the software company Adobe has announced for its third fiscal quarter, a profit of $ 230.1 million. Turnover exceeds the expectations of analysts.It exceeds the 990 million dollars against 697.5 million last year.

Instead, the group of Internet auction eBay has announced that its results would fall within the upper range of its forecasts in the third quarter.

Always on the side of values, the chip manufacturer for the telecommunications sector has revised downwards its projections of revenues for the third quarter. It now expects sales of between 161 and 163 million dollars against 169-177000000 announced at the presentation of results for the second quarter.

For its part Microsoft has announced an increase in its quarterly dividend to 16 cents a share against 13 cents. The group announced its intention to increase its borrowing capacity of $ 6 billion while its cash flow is 37 billion dollars.The announcement should add momentum to expectations of share repurchases and payment of a dividend.

Also note, the economist Lawrence Summers, who has already served two Democratic presidents in radically different conjunctures, announced his decision to leave the White House later this year.

The fate of the site will total at Dunkirk he sealed the next month? The Tribunal de Grande Instance de Nanterre, seized by the oil giant mid-July, has in fact considered the request of the group and announced his decision to return Oct. 22.

Total Nanterre has assigned staff representatives: the CGT, the central works of refining sector and the works of Flanders. The group had entered the court mid-July to contest the obligation to resume refinery operations at the site of Mardyck, near Dunkirk.

The standoff, which opposes Total employees of the site began there exactly one year. In September 2009, Total decided the temporary closure of the refinery, which employs 367 employees and subcontractors. Then, on March 8, the tanker had finally announced the final closure to overcapacity.

Turnaround in late June: Total is sentenced by the Court of Appeal of Douai for failure to inform the staff representatives. The tanker is to reopen the site and resume refinery operations under penalty of fine of 100,000 euros per day.

Operations degassing

But after more than nine months off, the site can not immediately resume production. The band launches and activities that degassing mid-July, in fact, may equally well lead to the resumption of the production and conversion of the site.At the same time, the tanker takes steps before the Tribunal de Grande Instance of Nanterre and decides to make an appeal paydayloans.

Determined not to restart the refinery at Dunkirk, Total trying to save time, angering employees who suspend operations for a degassing semaine.Ils however fail to pay the total daily fine of 100,000 euros for not have to start refining oil.

"The feeling of injustice is very hard to Dunkirk

On Friday, a dozen employees of Dunkirk moved the trial on the Tribunal de Grande Instance of Nanterre.

For the advocate of employee representative bodies, Patrick Tillie, "the argument that employees have been informed does not, the general manager of the refinery had announced on February 1 there was no question of treating the crude oil before the consultation began on March 8. A statement by the attorney disputed the tanker, Mr Philip Raymond: the proceedings of information and consultation of employee representatives "has been completed, he said, the law authorizes the employer to implement the project.

Meanwhile, employees of the site does not décolèrent. "Everything was decided in advance," said Marcel Croquefer, secretary of the CGT cluster chemistry. We rolled in flour. Hopefully there will be proper justice for the feeling of injustice is very strong in the region of Dunkirk.The verdict of 22 October is expected to end a year of uncertainty.

Balls of chocolate on one side. A yogurt on the other. Fantasia, the new Danone yogurt, advocates uninhibited pleasure. The world dairy giant, which has set a goal for two years to revive the market for ultra-fresh, hopes to attract young adults who still deserting the radius of the supermarket yogurts.

The newest member of Danone, which will be sold in packs of three to 1.29 euros, also wants access to the same unit price Activia. It has been sold in Germany and Poland is one of the few brands of yogurt created by the group since Danacol (2004). Launched in 2007, Essensis (supposed to "nourish the skin from the inside") had ended two years later by a failure and was removed from shelves.

"Young adults are looking for fun and pleasure," said Olivier Delam, Marketing Director of Danone Dairy France."In this time of crisis, pleasure products have appeal to all audiences," he adds.

The fun would it have supplanted health in the speech of Danone, who has built his image in recent years about health through diet? "There has always been in the portfolio of brands Dannon pleasure. We've never done an exclusive health, "says Olivier Delam. "With Fantasia, we are more in family than in the Danette Danacol (which helps to fight against cholesterol, Ed)," he concedes.

Fantasia is not the first offensive "pleasure" of the year for Danone. In recent months, the group, already present in the water, baby food and clinical nutrition and dairy products has increased in the fruit.Earlier this year, he launched into compotes (Gervais, Taillefine) and managed to steal 20% behind market leader, Hero fast cash now. He then concluded in March in a partnership with fruit juice before you buy Chiquita Brands this summer smoothie maker Immédia.

The health benefits

Until then, the group had relied on its products to health benefits to snatch market share to its competitors. But the context has changed, the European regulation has hardened. The EFSA, which validates the health claims on packaging of its yogurts, gave its approval for Danacol, Petit Gervais, but the retoqué Immunofortis (expected to strengthen the immune system of babies). Last spring, before the decision of the EFSA on Activia and Actimel, Danone has ceased to communicate on the health benefits of its two best-sellers, who represent a quarter of its sales.In advertisements, references to taste and the family have replaced those on health. "The positioning of Danone has always been focused on health and pleasure. This is the way to express the performance marketing must adapt to this context, recently told the Figaro Franck Riboud.

This shift, which may explain Fantasia, tested for several months in the test market of Sens, was preferred for France Densia, also tested at the beginning of the year (Brive). This yogurt is supposed to help "keep strong bones" seniors, was successfully launched last year in Spain. No decision has been taken so far for the French market.

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"Emerging markets are driving growth of the group," said Pierre Pringuet, CEO of Pernod Ricard, the antenna of the radio BFM on Wednesday. Indeed, in 2009/10, whose results were presented this morning, the group's operational performance has been particularly supported by those countries. The specialist wine and spirits show an operating profit of 1.8 billion euros, down 3% but up 4% in organic growth, with organic growth of 14% in Asia and the rest of the world "resulting from Martell particular dynamism in China and local brands in India, the upturn in South Korea and Duty Free markets and strong growth in Africa and the Middle East," says the direction. Conversely, the "Europe excluding France was the region most affected by the crisis with a decline in profit from recurring operations of 3%, said Pernod Ricard.

The leader has said that the group strategy in emerging markets has paid off. Contrary to some distributors, the group has backed the development of its brands 'premium' in those countries where else put more emphasis on products at low costs. However, Pierre Pringuet, said that "the premium brands are spared the game" with growth twice as large.

But overall, the results published by the group are slightly below expectations. The French group announced a net profit of 951 million euros, up 1% for fiscal year 2009-2010 (ending June 30th). As for turnover, it was 7.1 billion euros, down 2% but the growth amounted to 2% payday loans.

Moreover, the average cost of debt was 4.3% throughout 2009/10, up from 4.8% recorded over the previous year. Based on current interest rates, the target for the year 2010/11 is to maintain the average cost of debt at a level below 5%, said the group, which has not communicated earnings prospects for its next fiscal year.

Objectives: Debt Reduction and Development

Management has stated that "his priorities are the development" of its flagship brands, as well as "pursuing a sustained level of marketing investment and debt relief group, in the words of Pierre Pringuet.The Chief Executive, has stressed this morning on BFM radio that the two group's goals for the year have been achieved: "We had two objectives: to reinvest in marketing, what has been done since the expenses marketing has grown twice as fast as revenues, and defease the group, pushing the ratio of debt to cash flow to 4.9.

Pierre Pringuet also puts forward "the return to normal policy of dividend distribution group." He promises that, once again, "one third of the dividend will be distributed" after the unit was exceptionally low last year "because of the financial situation". The dividend will reach EUR 1.34 per share, therefore, under 2009/10.

In early trade, as the market declined more since the action lost 1.2% against a decline of 0.6% for the CAC 40.