While it jumped by 25 since early November

The Ingenico record is not closed. Sunday evening, the world's leading manufacturers of payment terminals had refused an offer relating to the purchase by American Danaher of the entirety of its capital. The episode could stop there. It was effective without the turmoil brought about by the case. Monday, the Ingenico share price declined 5.58, falling 26,05 EUR. The sign that investors see little clear in this case where the dimension policy is sensitive. Indeed, if the price proposed by the American specialist in industrial electronics - 28 euros per share, total value of-a EUR 1.44 billion could be deemed insufficient by some shareholders, it is especially the blocking of the State, 30 of Safran shareholder, himself first shareholder of Ingenico, who played. Main reason advanced by the Minister of industry, Eric Besson: Ingenico is a company with strategic expertise, which could not pass under foreign flags, at least not to any conditions. In this process, several questions remain yet.

Is Ingenico really a strategic business

In the opinion of the entourage of Eric Besson, this question is no doubt. Ingenico provides including saffron very sharp encryption technology for its division of biometrics, which allows to encode personal information. Another point: for purchase of Ingenico terminals and payment security market would be under American domination. The current main competitor of Ingenico is the American company Verifone. Them both, for redemption of Danaher, Ingenico and Verifone have weighed 85 of the world market. Many arguments refuted by various experts and sources close to Ingenico. "The contract that binds Ingenico SAFRAN is of the order of 500,000 to 600,000 euros per year, is a tiny part of the turnover of Ingenico", one of them slips.

And, indeed, of other companies in the sector could be redeemed without problem by foreign actors, such as the Terminal activity of Gemalto payment, just sold in October to Verifone. Similarly, the Hypercom American could redeem electronic Thalès payment activity in 2008 that this object public authorities.

That is what compels Ingenico to sell

Last autumn, Ingenico unveiled its three year strategic plan, which was ambitious, since it aims to bring the turnover to more than 1 billion euros in 2013, against 701 million in 2009. Its strategy of diversification to services seduced, especially since the acquisition of German Easycash. Why therefore administrators shareholders would therefore vendors On Poutrel family (7 of the capital about), it appears that the idea of turning the page by selling cheap did his way. All as with the Consellior (5 of capital) Fund, since the value of the title - Ingenico took 60 since the beginning of the year also weighed-a.

Has financial communications been satisfactory

Colette Neuville, President of the Association for the defence of minority shareholders (Adam) would send, "for here at the end of the year", a letter to the Board of Directors to clarify several points on this issue. "We see very little clear in this operation and many questions arise", considers Colette Neuville, who said: "the proposal made on Ingenico does suite with a call for tenders on the part of the Board of directors or is it spontaneous" Ingenico said that the offer is subject to conditions, what are they And, above all, is in a negotiation between a buyer and a seller, or the real reason for blocking is the position of the Government, as is said If it is this last point, does mean that Ingenico is a company that is not opéable "For it, the company should have, in this case," the in its risk. " "Any lack of information in this regard would be highly prejudicial to shareholders." The rest, Colette Neuville will apply to the authority of financial markets to open an investigation on "the change in the course of the last few months of Ingenico. While it jumped by 25 since early November. "It is disturbing, especially since Friday evening, the course was arrested at 27,59 euros, and there was an offer of 28 euros on the part of the candidate to the recovery."

What will be the result of the process

A priori, the sale appeared compromised yesterday morning. But Eric Besson has however left the door open. The question of whether this position reflected a question of price or in principle, he replied: "it is the discussion of the days to come." In fact, negotiations with Danaher would not cut. The Department would thus emphasized a number of conditions, which the US group would not necessarily closed the door. Among them: the obligation to maintain in France employment - nearly 600 employees of Ingenico are present on the territory-, R & D centres and maintain a position of strategic decision. Implication: the State would retain a blocking minority. The idea of an entry of the strategic investment fund could be in the study, even if it is premature to confirm. Remains whether Danaher, or any other investor, would be not cooled by this type of requirement. And if this position is not intended to bring back investors struck by the interventionism of the State.