Tax Evasion: Bercy opens the list parliamentarians

The Minister of Budget, Eric Woerth, wants transparency in the case of tax fraud held in Liechtenstein.
Rebondissement in the "hunt" for tax fraud in Liechtenstein launched by the government: the chairmen and general rapporteurs of the Finance Committees of the National Assembly and the Senate may, if they wish, have access to the names of two hundred fraudsters Alleged awarded by the British authorities to France. The Minister of Budget, Eric Woerth, said yesterday would act "in the interests of transparency," should receive the parliamentarians Wednesday morning at Bercy, so that they can consult the record.

Inédite, this decision follows a request Wednesday evening to Minister of Budget by Didier Migaud (PS) and Gilles Carrez (UMP), respectively president and general rapporteur of the Committee on Finance of the Assembly. Both want to "get acquainted with the names held by the ministry (of the budget) as well as suites that (Bercy) intends to take on this matter."

The positive response from the Department of Budget is somewhat surprising. It could mainly worry a little more the two hundred taxpayers whose names appear on the list. According to the Finance Committee of the Assembly, this request is perfectly legitimate and governed by Article 57 of the Organic Law to the laws of the famous finance LOLF devoted to parliamentary scrutiny. "I will not go to Bercy Wednesday," said yesterday Jean Arthuis, chairman of the finance committee of the Senate. "I think the tax secrecy is stronger than LOLF. The names I am not interested. What I want to know is why and how this fraud has arrived, what are the amounts involved and what action will be given, "he added.

Criminal Investigation
Meanwhile, the Inland Revenue is continuing its investigations. Without knowing it, the two hundred French are already subject to a tax audit. They risk losing big if the procedure is completed: penalties, interest, fines and even prison sentences. According Bercy, no personality in order not included in this list. The french taxman has not yet before the courts. He has an interest in good lock individual files. In criminal law french, it is forbidden to produce parts that have been the subject of a theft or a stolen property. Even if it was not purchased by France, the list in the possession of Bercy comes, originally a robbery committed by a bank employee. "The way in which the information was obtained bank may have problems," argues the international tax expert Edward Chambost.

Germany has been less than gloves and did not wait for ruling that the legal debate on the origin of fraudulent documents to open a criminal investigation. And run some nine hundred warrants for searches of homes of taxpayers. According to several tax experts, such a scenario would be impossible in France.

Electrolux: no relocation
The management of Electrolux said it did not wish to relocate the production of washing machines in high-end Poland as unions fear the plant Revin, in the Ardennes, which yesterday chose "non-violent" director of the site.
The management of Electrolux France has confirmed its intention to invest 3.2 million euros in its factory in Poland Olawa "with a view to integrating the manufacture of certain components that were previously manufactured in France".
"There is no mention of any enterprise relocation, it is simply an investment," assured a spokesman, while acknowledging that this "investment could mean the removal of a dozen posts" Revin.

Eiffage will have a new boss before the summer

Jean-Francois Roverato should step down before June 25. Photo credits: Le Figaro
Half a dozen candidates to succeed Jean-Francois Roverato were interviewed.
Jean-Francois Roverato did not have to force its nature. For two months, chief executive of Eiffage, 3rd french construction group, returned on construction sites. It resumed service after the surprise resignation of its dolphin, Benedict Heitz, who took the reins in April. "JFR", as nicknamed his bodyguards, should step down before the next general meeting of the group on June 25, a few weeks ahead of schedule, he said yesterday during the presentation of annual results of Eiffage. The name of the candidate could be submitted in April to the Board.

The onerous task of hearing the contenders back to Amaury de Sèze and Serge Michel, independent directors of Eiffage. A half-dozen people, a priori to the group, have been received. "I remain voluntary withdrawal," said Jean-Francois Roverato, who would become chairman of the board.

2008 mešana
Until then, the tug-of-war between Eiffage and its biggest shareholder, the Spanish Sacyr, may be ancient history. On 2 April, the Court of Appeal of Paris will tell whether the group Luis Del Rivero should or should not launch a takeover bid for Eiffage as requested by the AMF, the french accusing the Spanish of acting in concert Iberian shareholders with 89. "I have never hidden that Sacyr go faster, I will be more content," said yesterday Jean-Francois Roverato, true to his frank talk.

Against the backdrop of political mediation, the two men were received at the Elysée on January 14. Jean-Francois Roverato then refused the proposal from Spanish to exchange its shares in Autoroutes Paris-Rhin-Rhone against a withdrawal of Sacyr. He also ruled out buying the participation of Spanish, but did not deny the role of facilitator from institutional french under a withdrawal of Sacyr. "We look forward with serenity court decisions," concluded the CEO of Eiffage, which is preparing for a less dynamic year 2008, several major projects of the group that would begin next year. Prospects mešana despite strong results that have hurt the title Eiffage yesterday.

The value of the day in Paris - NRJ GROUP refocus on the media

NRJ Group flies from 14.45% to 6.81 euros after the announcement of its refocusing on media. NRJ Group envisages in particular to disengage from its activity broadcaster technical TowerCast, a decision expected by analysts. NRJ has undergone several quarters smoother victim of a difficult advertising market and losses in its policy of diversification in mobile telephony and television. The stock hit a historic low 5.30 euros, February 12, after losing 47.6% in 2007.

This shift is part of a plan called "NRJ 2010" which was adopted on January 25 by the board of the group.

"We plan to open the capital of our technical broadcaster, TowerCast, a group of nuggets. We would even be willing to become a minority if that is a potential buyer wanted," said Marc Pallain, chairman of the board of the group In an interview with "Echoes".

In addition, NRJ Group wants to reduce its exposure in three countries: Finland, Austria and, above all, Germany. "These three countries account for almost two thirds of our revenues in the international and, more importantly, deficit," said Marc Pallain. The activities in Belgium and Switzerland, which is profitable, would be maintained.

The plan also provides cost-saving measures: "20 million euros per year by 2010, the bulk of which will be reached in 2009," said the leader of the company. One analyst in Paris said that he was not so much to cut costs by $ 20 million to limit their progress. NRJ Group said to have taken such measures due to uncertainty over the situation in the advertising market this year. For radio, in January was "bad like the market, in February will be roughly stable, but promises to be cautious in March," said Chief Executive of the group. By contrast, the television advertising revenue in January and February have tripled and the Internet has almost doubled in January.

NRJ plans to continue its diversification into television and the Internet. Questioned about the acquisition of Internet companies, Marc Pallain said: "This is a line of thought. We could spend a few tens of millions of euros, but we will remain cautious and do not surpayerons."
ACTIVITY OF THE COMPANY
NRJ Group is a leading radio groups in Europe with four radio stations in France (NRJ, Nostalgie, Cherie FM and laughs and songs). In Europe, the group maintains a presence in 8 countries: Austria, Belgium, Denmark, Finland, Norway, Sweden and Switzerland. Its subsidiary Towercast (relay towers) disseminates on FM radio stations some of which the group. The group also owns a business advertising. Finally, NRJ Group has diversified into DTT (digital terrestrial television), with the chain NRJ 12, but also in mobile telephony, NRJ Mobile.

In late February, NRJ Group has announced its intention to open the capital of TowerCast and reduce its exposure in three countries: Finland, Austria and, above all, Germany.

STRENGTHS AND WEAKNESSES IN THE VALUE

The strong points of the value
-- The group has a strong brand that can ebb and flow in different activities. NRJ The brand is best known by the "young".
-- NRJ Group has the capacity to make acquisitions, and could be paid in shares without control of the group was under threat.

The weak points of the value
- The new group's activities (telephone and television) will bring longer time than expected to break even.
-- The radios are now musical competition from Internet and mobile music (mobile phones, digital music players), they see their audience decline poll after poll.
-- The low floating may limit the attractiveness of title with investors.
-- The opening for television advertising sectors prohibited, including distribution since January 2007, depriving the group of advertising revenue.

HOW TO MONITOR THE VALUE
-- NRJ Group, as advertising as as a medium, is sensitive to changes in the advertising market. However, the radio has a notable advantage over television, to the extent that the preparation of an advertisement is extremely fast, and allows the media to take advantage of any turnaround in the economy.
-- In addition, the stock-market price is likely to react positively or negatively to any new poll audience

The Banques Populaires will be seven more

Acquisition - The Cooperative will redeem, for 2.1 billion euros, seven regional banks HSBC.
Since the end of 2002 and the acquisition of Credit Lyonnais by Credit Agricole, the landscape of banking in France has frozen, shared among seven national networks: Credit Agricole, Crédit Mutuel-CIC, savings banks The Company generally, Banques Populaires, BNP Paribas and Bank post. In this context, resale decided at the end of January by the British group HSBC seven of its regional banks Not at all appetites, even if it is a total "only" 400 agencies.

The operation could be hampered by the context of financial crisis. It would have been without counting with the ambitions of BNP Paribas, and especially two groups whose Mutual funds are more qu'intacts: Crédit Mutuel-CIC and Banques Populaires. On the line, the latter advised by Citi and Bredin Prat, took the decision by HSBC, supported by Goldman Sachs.

Seller and buyer have entered into exclusive negotiations yesterday for a transaction for which their firm offer is 2.1 billion euros, funded 85% from their own funds. The CEO of the cooperative group, Philip Smith, says the Figaro challenges of this operation.

LE FIGARO. -- How the seven regional banks put up for sale by HSBC you have they interested?

Philippe DUPONT. This acquisition, if it occurs, is for us a major strategic operation. It allows us to build on our heart trades, the bank individuals and SMEs. Better still, the seven banks involved mainly cover three regions of southern France (Aquitaine, Languedoc-Roussillon and Provence-Alpes-Côte d'Azur), where we want to develop ourselves precisely. We do not have today, on average, a market share of only 2% to 3%, ie half of what the group Banque Populaire is at the national level. With this operation, we will win more than two percentage points of market share, and even 8 in Savoie. We settle permanently in the fourth place of french banking networks with a total of 3350 branches. Such an opportunity, it does not rate.

And it is the 2.1 billion euros that you have offered to HSBC?

It is the right price. Anyone who meets the seller and that meets our own requirements. At 2.1 billion euros, we value these banks to a level comparable to the operations that have recently been concluded on the European market in terms of multiples of income in retail banking. By agency, we pay 5.3 million, which is very correct. Especially since these seven banks have some clear advantages: good marks, a fine fund trade, a return on equity of 17% in average incomes similar to ours per employee, and higher per customer. Finally, and this is not neutral nowadays they are in a situation of excess deposits and have strong capital ratios.

How these banks will they overlap in the organisation of the group People's Bank?

This operation is run by the Federal Reserve Bank of Banques Populaires, the central organ of the group. Ultimately, it will remain the owner of the Société Marseillaise de Credit, which is the largest of the seven, which covers several regions. The other six banks will gradually be connected to our regional banks on the same territories. In all cases, the brands will be maintained, as we have done in the past with the credit cooperative, for example. We will gradually switch each of these new facilities on our platform. An exercise that we have some experience because we realized 18 computer migration in the group over the past five years. The acquisition will be carried out in accordance with the social model of the group Banque Populaire and we wish to support at all levels on these teams banks. Finally, we will create opportunities for business development between the regional banks and our national subsidiaries and Foncia Natixis. Financially, we expect this operation about 300 million euros in synergies, net of the costs of migration.

Vivendi publishes 2007 results online

Jean-Bernard Levy, CEO of Vivendi. The group of media and communications in 2007 reached an adjusted net income rose by 8.3% to 2,832 million euros (for a consensus Reuters Estimates ended February 28, from 2.809 million) for 2008 and expects an increase in results comparable to that of the previous year.
Print TalkBack Sort Vivendi announced a net profit adjusted annual increase of 8.3%, in line with expectations, thanks to video games and Canal +, and has planned for 2008 earnings growth in comparable to that of 2007 on a equivalent.

The group of media and communications also anticipated a turnover of approximately 30 billion euros in 2009, compared with a Reuters Estimates consensus of 25.2 billion, after 21.6 billion in 2007.

Vivendi reiterated its target of adjusted net income of between 4 and 3.5 billion in 2011, up from 2.8 billion in 2007.

"We have no reason to change that goal, but we have two major transactions which will be set in motion this year and we will do a strategic point mid-year," said Jean-Bernard Levy during a conference press.

The group announced in early December bringing Vivendi Games with Activision to give birth to Activision Blizzard, new set of video games they will control, while SFR, in which Vivendi owns 56% and the balance Vodafone, announced on December 20 a proposed takeover of Neuf Cegetel for a total cost estimated at 4.5 billion euros.

The group will pay a dividend of 1.30 euro, up from 1.20 euro in 2006, and said he was determined to continue to be distributed to shareholders over half of adjusted net income, the proportion was 53.5% for 2007 .

For 2008, Vivendi said expected earnings growth in comparable to that of 2007 within its current, or 3.06 billion euros, in line with the Reuters Estimates consensus.

The action Vivendi lost 2.21% to 26.06 euros to 16 hours in the wake of the index DJStoxx media. She lost more than 17% since the beginning of the year after winning 6% in 2007.

Several analysts saw the results online, even if sub-SFR has outperformed expectations because of costs to acquire customers in the fourth quarter related to the launch of tenders "Illimythics" (3G) designed to counter the arrival of the iPhone marketed by Orange and who rely 250,000 customers since November.

Second french mobile operator, SFR won a total of 883,000 customers to 18.77 million customers in 2007 and has also invested heavily in its networks 3G/3G +.

Vivendi has almost stabilized in 2008 the Ebita SFR, which fell by 2.6% in 2007, and expects a slight growth in its turnover in the mobile.

The CFO said Philippe Capron consider pushing the threshold of 10% of revenues for investment in the SFR mobile in 2008, up from 10.8% in 2007 and 12.9% in 2006.

CANAL + AND GAMES

Canal + Group, Vivendi Games and Maroc Telecom were the engines of operating income adjusted Vivendi, which grew by 8.0% to 4,721 million in 2007.

Canal + Group has increased its operating profit by 5.3 times to 490 million after taken into account cost 90 million related to the merger agreement in March 2007 with TPS, which has produced synergies of 150 million, a figure higher than targeted the group.

The agreement on the rights of the Ligue 1 soccer for 2008-2012, including Canal + has recovered nine of the 12 lots for some 465 million euros against 600 million over the previous period, should facilitate the achievement of some 200 million e euros of additional synergies provided by 2010, "said Philippe Capron.

Vivendi, which is always seeking an operating profit of one billion euros for Canal + Group in 2010, expects a growth rate of 3 to 4% of its turnover in 2008, excluding the impact of the integration of GST with a Ebita " well above "600 million before transition costs estimated at 80 million.

Vivendi Games, whose turnover has crossed in the course of 2007 billion euros through network play "World of Warcraft" with the number of subscribers has exceeded ten million, posted an operating margin of 17.8 % against 14.3% in 2006.

Vivendi aims for 2009 an operating margin greater than 25% for all Activision Blizzard, with a turnover of 4.3 billion dollars.

Maroc Telecom, of which Vivendi owns 53%, has benefited from a jump of 29.9% in operating income from its mobile business. Vivendi expects a slowdown in the growth of the Moroccan operator in 2008, with increases of more than 7% in its turnover and 9% for its Ebita, compared with 19.6% in both cases in 2007.

Universal Music Group (UMG) has however continued to weigh on the operating profit adjusted in 2007. Victim as its competitors of falling CD sales, UMG sees its operating margin decline to 12.8% versus 15.0% in 2007.

The euro had fallen below the threshold of $ 1.52

The euro had fallen below the threshold of $ 1.52 late Friday afternoon, falling back slightly below its level of the previous day, after beating a new record in the morning thanks to a German indicator and About Fed chairman Ben Bernanke.

The European currency has climbed to at 08H00 GMT never seen 1.5239 dollar against the euro, having already crossed Tuesday for the symbolic 1.50 dollar for the first time since its inception in 1999.

The single currency fell against the yen, to 158.23 yen against 160.04 yen Thursday evening.

The dollar also lost ground against the Japanese currency, at 104.32 yen against 105.30 the night before. The dollar fell to 104.04 yen to 14H45 GMT, its lowest level since May 2005.

The euro was supported Friday morning by a rebound in retail sales in Germany. But his positive effect on the single currency was then partly offset by a worrisome indicator: the index of economic confidence in the euro zone fell to 100.1 points, its lowest level since December 2005.

This figure provides "further evidence of a slowdown in economic activity, combined with strong pressure on prices", analysed Jennifer McKeown, economist at Capital Economics.

However, the final figures of inflation in the euro zone published Friday should reinforce the European Central Bank in its tight monetary policy: it rose to its highest level for more than a decade in January, to 3.2 % over the same month of the previous year.

With these figures, "the hawks (proponents of monetary stringency, ndlr) of the ECB should remain on the alert", and believed Audrey Childe-Freemann, economist at CIBC.

The dollar, for its part, remained under pressure after the remarks made Thursday by the chairman of the Federal Reserve (Fed), Ben Bernanke before Congress.

The Fed chairman seemed more concerned about the risks to growth and the threat of inflation, according to currency traders, who have interpreted these statements as a guarantee of a fall in the American rate, currently set at 3% at the next meeting of the Fed planned on March 18.

Always American side, operators have digested the announcement of a fall in February industrial activity in the Chicago area, reverted to its lowest level in six years. Moreover, household confidence in the country continues to deteriorate: it dropped to 70.8 points in February, compared with 78.4 in January, according to the index calculated by the University of Michigan.

The British pound fell slightly against the euro at 76.47 pence, after touching in the morning a new lowest historic deal with the single currency at 76.78 pence, and fell as low facing greenback 1.9861 to the dollar.

The Swiss franc gained ground against the European currency at 1.5844 franc against the euro, as the face of the greenback at 1.0438 francs to the dollar.

The ounce of gold was quoted at 971.50 dollars fixing evening against 959.75 dollars at auction yesterday, after having prepared in the morning a new historic record at $ 976.32.

The Chinese yuan closed at a new record high of 7.1115 yuan to one dollar, compared with 7.1133 yuan Thursday.


The European currency has climbed to at 08H00 GMT never seen 1.5239 dollar against the euro, having already crossed Tuesday for the symbolic 1.50 dollar for the first time since its launch in 1999

An administrative data

Reversal of trend or just a hitch on the front of unemployment? The number of applicants registered with the ANPE rose sharply in January 2008: 13,200 unemployed over, +0.7%. The surge puts an end to 34 months of virtually uninterrupted decline. Since March 2005, the number of unemployed registered with the ANPE has steadily decreased, with the sole exception of the month of July 2007 marked by a very slight rise of little significance.


On the same subject
An administrative data


For the government and the majority, this announcement falls could not be more wrong, to ten days of the first round of municipal elections. Also the Minister for the Economy and Employment, Christine Lagarde rushed from Africa, where she accompanies the President of the Republic, recalled that "since 2007, the decline in the number of jobseekers reached 175000, or 8.4%. He also stresses that "the other indicators are well-oriented," including the number of long-term unemployed, which "continued to retreat significantly (- 1.2%)."

This beautiful optimism is justified? Critics on the reliability of the monthly estimates INSEE led to publish only once per quarter figure of unemployment that meets the standards established by the International Labour Office (see box). The unemployment rate at the end of December 2007 is not yet known. In late September, it stood at 7.9% of the active population, and is expected to decrease further in the fourth quarter, while nearly 60,000 new jobs were recorded.

Moodiness. The figure released yesterday is therefore a mere accident of course, seems to believe Christine Lagarde. Several indicators are unfortunately not as good as those on which the Minister for the Economy and Employment. The first is the age of new entrants to the ANPE. Young people were the first affected in January: in a month, the number of applicants under the age of 25 had risen by 2.1%, compared to 0.5% for 25-49 year-olds, and 0.2% for 50 years and older. In addition, the main cause of unemployment entry is the end of fixed-term contracts (CDD) or temporary missions. Companies tackle the year 2008 by falling back on employees in place. The job market in January reflects sluggish business leaders, linked to the stock market crisis and the growth prospects for the least uncertain.

Inversion. It is therefore difficult to see in this significant increase in enrolment at the ANPE just an accident statistics. Logically, unemployment back because companies have good reason not to hire her. The next few months perhaps will correct this wrong number. Otherwise, the government may have to manage, in addition to the discontent on the purchasing power, reversing more or less lasting solution to the unemployment curve.

Eco-Earth

In South Africa, no one is fooled. If Nicolas Sarkozy and his armada of french CEOs have been so generous for two days, it is undoubtedly to support the candidacy of Areva in the construction of a nuclear fleet of 20000 megawatts by 2025. Still, nobody complained. In addition to an investment fund of 250 million euros released by the French Development Agency (AFD), a contract of 1.36 billion euros was signed between Alstom and Eskom - EDF local, in crisis - 2014…

The financing of a wind project by AFD is finally recorded. Above all, "EDF, Alstom and Areva will do everything they can to help Eskom," said Friday Anne Lauvergeon, CEO of Areva, presenting a joint statement of Medef and his South African counterpart. One Thabo Mbeki in search of qualified personnel, Sarkozy has already promised that a dozen engineers EDF came to the rescue "as early as next week." Announcement broadly reflected in the local media. "We had just a little surprised about the timing, but we have made sure to validate the proposal, Diore breath Frederick, manager of EDF South Africa. The mission was planned in any case: it will consist of 6 to 10 engineers. "

In closing a business forum two days, Nicolas Sarkozy did not need notes to proclaim: "We will fight for markets, coal or nuclear power. […] The French team of energy is gathered for the occasion… "

Ambiance crisis Friday to Medef, after the revelation by the weekly Marianne conditions

Ambiance crisis Friday to Medef, after the revelation by the weekly Marianne conditions in which Denis Gautier-Sauvagnac has negotiated expensive, his departure from the UIMM (Union of Industrial and metal trades). The former president of the employers' federation has been placed under investigation in January for having made large cash withdrawals on the accounts of the organization. The president of Medef, Laurence Parisot, interrupted his vacation to "analyse the situation and take decisions that will be required."

In its edition on sale this Saturday, Marianne explains that the UIMM has negotiated the retirement of Denis Gautier-Sauvagnac - nicknamed "DGS" - with a grant of 1, 5 million euros. The employers' federation has also promised not any action against him and take over the costs of a possible conviction. Since Thursday evening, the UIMM confirmed the facts as well as the amount of compensation, noting that it was a "transaction signed in early December to end a dispute between the two parties." As for charges following a hypothetical conviction, the employers' organisation said that it relates only to "the only possible tax consequences." The announcement said that the office of the UIMM "had also decided in late October unanimously to desist from any action of any kind as to any claim against Denis Gautier-Sauvagnac."

In-giving. The transaction between the UIMM and its former chairman, who had been retained in the position of deputy general delegate with a comfortable salary, is very much like a give and take. "DGS has always refused to reveal who were the beneficiaries of 19 million euros in cash removed on the accounts of his organization between 2000 and 2007. That money, he explained to the investigators, was used as part of fluid "social dialogue". A formula that puts the suspicion of a hidden financing which could have benefited some unions in the metallurgy, even as individuals some of their activists to sign agreements allowing companies in the industry to receive aid.

The deal is simple: "DGS, 65 in May, agrees to leave without revealing who were the recipients of this largesse. Suddenly, as he recalled the investigators, it may be seen as the beneficiary. But the UIMM's commitment not to bring charges against him, he might not. In exchange, it affects 1.5 million euros, the employers' federation agrees to pay all costs, and it assumes responsibility for the past management.

For the left, these revelations to eight days of the municipal fall to the bottom. "This kind of practice is the omertà," Friday accused the Socialist Benoît Hamon, for whom "Medef should explain how were negotiated the departure of Gautier-Sauvagnac, and especially its silence." "There's definitely something rotten in the kingdom of Medef," noted CPF. The modem is no exception: "There is something in there that is not healthy and that should go wrong," said his vice president, Marielle de Sarnez, which considers this "golden parachute hyper scandal ". Even Francois Fillon was interested in the case believing that justice must "do its job". Adding: "If there were to be sanctions, I imagine that these issues severance pay will be reviewed."

"Privileges." It happens regularly in the major groups, especially in metallurgy, negotiate the price even more the departure of a senior manager. Whether the patrons of the metal used, with the money of their contributions, the same methods as in their companies is not surprising. But, through their duties, Gautier-Sauvagnac was not exactly a leader like others. He has been chairman of the Unedic, under the joint management of unemployment insurance. The CGT, which has often opposed Gautier-Sauvagnac when negotiating on behalf of Medef, has not forgotten: "Unemployed persons whose rights have been planed constantly under pressure from Mr. Gautier-Sauvagnac, no doubt appreciate the level of personal privileges, "commented the plant, which is outraged by this that" a responsible employer in question for breach of confidence, clandestine work, concealment of breach of trust is allotted compensation equivalent to 1250 monthly minimum wage for good and loyal service. "

But the most mad at the UIMM and Denis Gautier-Sauvagnac is the president of Medef itself, which has often criticized the exorbitant amount of golden parachutes allocated to leaders who did not always shone by their results. But apart from the extent of damage to the image of the owners, Laurence Parisot could not do much. D'autant que les responsables de l'UIMM and its current president, Frederic Saint-Geours, had taken care to handle the transaction to Michel de Virville, who has just been elected president of the Unedic on behalf of Medef. But Michel de Virville, secretary general of the Renault Group, is one of the few leaders of the UIMM confidence to work with Laurence Parisot. Who does not count as friends among patrons of metallurgy.