The irony is that Porsche is placed in turn

It is always painful to oneself that it has inflicted on others. In rejecting the proposed merger concocted by Volkswagen and declaring with indignation that the "ultimatums do not belong in the 21st century", the President of Porsche probably forgot that he had asked late October on the stock exchange. Reveal suddenly its discrete mounted in the capital of the constructor of Wolfsburg had caused at the time an outbreak of 124 of VW title in a single session, involving the "hedge funds" and a few large German fortunes in a corner. The irony is that Porsche is placed in turn. To have intended to capture the producer of the Ladybug yet fifteen times larger than him in turnover, the manufacturer of the Cayman is muzzled by a net debt of EUR 9 billion of which he is unable to pay the interest. The summer is likely also be deadly for the predator to repay credit EUR 1.3 billion before September, before having to refinance 3 billion borrowing before next spring. Unless he accepts the iron hand extended by VW, prerequisite to the outcome without too many case of complex financial mounting on the VW titles through its recovery by the Qatar. Porsche will not confirm a basic lesson of his trade: which is more expensive in a car, what are the options!

Thorns and drills

Truth beyond the channel error below. The France wants more competition, England wants less. At a time when Paris prepares to host its fourth mobile operator, the project fed by Vodafone on the British subsidiary of Deutsche Telekom would reduce from five to four the number of the players in the British market. An everywhere, ball in the centre. When the time cooler, better together, blunting the drills. In this regard, the Vodafone project if it is completed has everything a win-win agreement. The German who has finally succeeded to stabilize its domestic activity to deprive a large spine of the foot. It must indeed its net loss of 1. 1 billion euros to the depreciation of 1.8 billion euros of its British subsidiary, T-Mobile UK. The decline in the accompanying book to, in his words, a "strong economic cooling and hardening of the competition" were fatal. He then announced his wish to "reposition" the activity, sign that he should be sensitive to the advances of Vodafone. After losing 1.5 million customers in the first quarter should restore profitability down. Complete directory of its 19 million UK subscribers with 16 million Deutsche Telekom can only help there.

The Sun in cold water

When the ship taking on water, it is time to organize the relief effort, not to trigger a detailed inspection of the uniforms. The requirements of the various competition authorities who have pushed Panasonic to defer for the third time the announcement of the conditions of the OPA on Sanyo are probably legitimate. But as their counterparts, the two groups involved are rather difficult point. Sanyo has lost the year past 720 million euros, the ex-Matsushita 2.95 billion and it is about to lose even 2 billion this year. In trouble on its main businesses, has any need of Sanyo batteries to recharge his own. Close sales of 100 billion, the new group would deprive his Crown of consumer electronics leader Sony. It would be especially a place solid trades for the future, energy and environment, two strengths of Sanyo, the number one of lithium batteries, also specialist of solar. By quadrupling its size in rechargeable batteries, to divert a third of the market far before the 18 now Samsung challenger. Panasonic, he has no means of reload indefinitely its reserves of cash. He comes to interrupt its share repurchases, which cost him 500 million each year for eight years. It is time to deliver current.