News – Business & Economi

Warren Buffett has filed a formal offer for the purchase by Berkshire Hathaway of its 19.9% stake it does not already own in Wesco Financial.

Wesco, which is headquartered in Pasadena, California, is run by Charlie Munger, vice chairman of Berkshire Hathaway.

The transaction in cash and stock should be around 500 million dollars (390 million euros) on the basis of book value at Wesco dated June 30His actual amount will be determined on the basis of the carrying value of the company at the time of the closing of the transaction Warren Buffett hopes that it will happen this year.

In a statement, Wesco said it had established a committee of three independent directors to consider the offer from Berkshire fast cash.There is no guarantee that the transaction is concluded, says the company is mainly active in insurance, furniture rental, and steel.

Warren Buffett, who is aged 80 years, has announced its intention to redeem the remaining Wesco August 26, which has resulted in a leap of 11.8% per share this year.

Wednesday, the stock closed up 46 cents at $ 363, giving the 19.9% stake coveted by Berkshire market capitalization of 514 million.

Berkshire had acquired 80.1% stake in Wesco there are more than 30 years. Charlie Munger, aged 86, is CEO of the group since 1984 and has parallel Vice-Chairman of Berkshire since 1978.

The U.S. markets have opened higher on Thursday, reacting positively to an unexpected improvement in the labor market in the United States.

A few minutes after the start of trading, the Dow Jones gained 0.28% to 10,087.98 points, the Standard & Poor's 500 index 0.38% to 1159.29 points and the Nasdaq Composite 2148.66 0.33% points.

The markets were reassured by a larger decline than expected enrollment in weekly unemployment in the United States during the week to August 21, at 473 000 504 000 cons last week.

As for values, Dell noted Thursday his company bid on the data storage 3PAR to 24.30 dollars per share, a superior proposal to that presented by Hewlett-Packard.The IT group has indicated that the Board of Directors 3PAR has accepted his offer.

Titles took Dell and HP respectively 0.8% and 0.75% at the opening, while the title 3PAR lost 1.9%.

Nissan Motor announced Wednesday that he still thought to exceed its goal of worldwide sales this year despite fears about the U.S. economic recovery, but he also warned against the effects of the current strength of the yen on its results.

"The stronger yen has a big impact on us.We will adopt measures to minimize cons-impact, "he told Reuters Insider assistant general manager, Toshiyuki Shiga, outside the auto show in Moscow.

He said that the cons-measures envisaged included an increase in imports of automotive components.

"We still do not change our earnings prospects but there are headwinds: the raw material costs rise, the yen appreciates (…) We have taken into account in our budget to a parity of 90 yen per dollar He is now at 83 yen, "he added.

While investors are hoping for a response from the Japanese authorities to contain the strong yen, Nomura Securities estimates that a rise of the yen against the dollar would result in a decrease of 0.9% of current earnings of major Japanese industrial groups fiscal year 2010-2011, which ends in March.

Nissan, the third Japanese automobile manufacturer, hopes to increase its market share globally this year with a growth of about 8% of its sales to 3.8 million vehicles, thanks to new versions of its small city Micra / March in his "crossover" Juke and other new models.

"Based on current trends, we can exceed our goal of global sales (3.8 million vehicles) if the market remains stable but the U.S. recovery is not expected to change very positively," said Toshiyuki Shiga.

Moreover, the CEO of Nissan in Russia, Francois Goupil de Bouille said it expects to double sales of the manufacturer on the Russian market to 100,000 vehicles this year, while all the Russian car market could reach two million units, after falling in 2009.

In late July, the Japanese group, in which Renault owns 43%, maintained its forecast of annual results due to uncertainties surrounding the outlook for global demand, despite the publication of its best quarterly operating profit for over two years.

Hewlett-Packard on Monday launched an offer of 1.6 billion dollars (1.2 billion euros) to acquire the data storage company 3PAR, competing with the offer of its rival Dell issued last week and potentially opening the way for other candidates for redemption.

HP offers a 24 dollars per share, an amount 33% higher than that proposed by Dell at $ 18 per share in cash, or $ 1.15 billion in total.

The proposed transaction represented by Dell when it announces a 87% premium over the closing price of 3PAR.

HP recently rocked by the resignation of its CEO Mark Hurd in early August, said that the board had approved the transaction.The closure of the transaction is expected before the end of the year, the company said.

STRATEGIC ACQUISITION

This acquisition would allow the IT group to extend its range of storage products for the 'cloud' (computer via the Internet) and support its service activities, like other industry heavyweights like IBM, they which tend to generate higher gross margins than sales of computers.

"3PAR enables us to expand our business in the storage and diversify our products," said Dave Donatelli, head of the business networks, servers and storage group, during a conference call.

Around 16:30 GMT, 3PAR jumped from 42.68% while the share of HP yielded 1.93%.

The boards of Dell and 3PAR had approved the terms of the agreement.

"We have proposed a superior offer, we are confident in our case and our proposal."

Due to the premium offered by Dell, industry analysts were surprised by the offer of HP, even if they had raised the possibility of a competing offer.

Shannon Cross, analyst at Cross Research, an additional supply could still be issued, which could start the beginning of a strong competition for this acquisition is rare in the technology sector.

"I do not think they (HP) undertake an acquisition only to weaken Dell is a strategic asset," she says.

3PAR and Dell were not immediately available for comment on the announcement of HP.

Axa announced Wednesday better than expected financial results for the first half performance in line with its objective to give priority to the recovery in margins rather than the development of its turnover.

Net income for the second European group of insurance by market capitalization stood at 944 million euros, a figure well above the 623 million approached by the consensus of analysts conducted by the editor of Reuters.

"In the first half of 2010, we focused on optimizing our margins on all our business lines," said a statement from the Group CEO Henri De Castries.

If the result is displayed down 28% over the same period last year, this drop is due to the supply of 1.478 billion euros spent by the group following the sale of some of its assets in the United Kingdom.

Without this extraordinary loss, net income would increase by 81%.

The decline in operating income of 3% to 2.082 billion euros, a performance superior to 1.884 billion as planned by Reuters, while turnover has increased it from 1% to 49.925 billion euros.

The band's performance "We will strengthen our ability to rebound when the economy will become clearer," said Henri de Castries.

Axa has not commented on the offer of 11.5 billion dollars from the National Australia Bank on its subsidiary AXA Asia Pacific.

The subsidiary has announced a profit of 219.2 million Australian dollars for the first six months of the year, a figure in line with market expectations.

The offer, which clashed with the Australian authorities to the competition runs until August 31.

The title Axa lost 10.9% since the beginning of the year, while the European index DJStoxx insurance is up 3.16%.

Philips has released better than expected results for the sixth consecutive quarter and raised its margin target, but not so far succeeded in convincing the market hoped for more.

Around 9:15 GMT, the Dutch electronics group fell by 2.91%, to 24.175 euros after plunging 4.3% in the first exchanges to form when the largest decline of the Amsterdam Stock Exchange.

Victor Bareno, an analyst at SNS Securities, said that the published results did not reflect "the significant increase that Philips had reported in previous quarters.

The group recorded a profit before interest, taxes, depreciation and amortization (EBITA) of 527 million euros in the second quarter, against 118 million euros last year and 486 million euros expected.

Its turnover stood at 6.2 billion euros and net profit to 262 million euros, higher than the 241 million euros expected.

Analysts had warned before the publication of Philips that investor expectations may be too large.

"The magnitude of the excess (of analysts' forecasts) compared to the previous five quarters is somewhat less strong," said Jan Hein de Vroe, an analyst at ING.

Eleven of 13 analysts surveyed by Thomson Reuters StarMine SmartEstimates lowered on average by 22.6% their earnings expectations over the past 30 days, while the stock has gained almost 7%.

The Dutch consumer electronics was confident of being able to exceed its margin target of 10% EBITA before exceptional items this year, while previously thought just to reach this goal.

The European leader in consumer electronics has reduced the cost during the crisis and the beginning of economic recovery, which helped to generate profits even in difficult times.

Philips has hoped to exceed its savings target on its structural costs in 2010 to 700 million euros.

Marks & Spencer has reported a third consecutive quarter of sales growth recurring but at a slower pace and was cautious, like its competitors, prospects of consumption.

The British group, the number one clothing in the United Kingdom and also present in food and household goods, said its sales at stores open at least a year rose 3.6% the 13 weeks ending July 3, which correspond to the first quarter of its fiscal year.

This increase is in the top end of analyst expectations thanks to good performance clothing.It is, however, lag behind the 5.1% increase the previous quarter.

The recurring sales excluding food fit up 6% while sales in food rose 1.5%.

UK retailers worried about the consequences of tax increases and budget cuts announced by the government on June 22 consumption."We had a good start to our fiscal year, but after the recent budget and the measures taken to reduce the deficit, the increase in VAT, we are cautious on the outlook," said Chief Executive.

However, he ruled out a relapse of the British economy in recession and confirmed the target of a stable gross margin for the entire year.

Marc Bolland, who took over the reins of Marks & Spencer last month, confirmed he will present a strategic plan was updated in November.It could however be facing a revolt from some of its shareholders at the general meeting of the week, some investors do not hide their criticism of his pay 15 million pounds (23 million) annually.

The international sales rose 0.9% while those on the internet via M & S Direct have jumped 49%.

Marks & Spencer has underperformed the Stoxx 600 index of European retail sector by 11% since the beginning of this year. The value finished at 352.7 pence on Tuesday in closing a course corresponding to a capitalization of 5.4 billion pounds.

It yields 2.52% at 343.8 pence in morning

The Paris Bourse is rising again on Friday after losing 3% yesterday, in expectation of monthly U.S. employment in the afternoon.

Around 9:15 am, the CAC 40 advanced 0.32% to 3350.67 points.

For its first meeting at the Paris Bourse, Edenred sign the largest increase of ACC (which will be removed Monday) and climbed 17.54% to 13.40 euros. For its part, accuses Accor the largest decline and yields 2.74%.

The bank bounce after being battered again yesterday. BNP Paribas wins 1.3%. The group announced Thursday a partnership with BPCE in consumer credit. Societe Generale gained 0.78%, 0.84% and Dexia Crédit Agricole 0.43%.

Sanofi-Aventis lost 0.52%.The group has refused to comment on reports that he would prepare an acquisition in the United States of at least 20 billion dollars.

Other major European markets also rebounded, London and Frankfurt gained 0.37% 0.42%. As for the European indices, the EuroStoxx 50 advance 0.49% and 0.36% Eurofirst 300.

The euro remains stable against the U.S. dollar resumed after about three cents a day and is trading around 1.252 against the dollar.

U.S. light crude oil was unchanged after its withdrawal on Thursday and is treated slightly above $ 73 a barrel.

Airbus and Boeing are competing on public aid for the next generation of commercial aircraft in Europe after the decision by the World Trade Organization (WTO) over European subsidies to Airbus.

The two aircraft manufacturers have each claimed victory by highlighting their points favorably in the review of 1,000 pages issued Wednesday by the WTO, which ordered the European countries to remove certain subsidies provided to Airbus for its A380 superjumbo .

The organization also criticized other government aid, a lower amount, in favor of other models produced by Airbus, but rejected several points raised by the U.S. side.

The United States believes that the opinion of the WTO shows that the states of the European Union (EU) should not offer more loans to development for the future Airbus A350, which are central to the initial conflict .

Boeing also believes that his competitor must repay about four billion dollars (3.2 billion euros) in loans for the A380 or restructure them into commercial loans.

Airbus rejects these two points.The European aircraft manufacturer said that the WTO panel that made the report did not indicate the amount of subsidies to readjust, or accused the European Group for hiding the EU funding system as a whole, only certain details.

AIRBUS: "BOEING TAKES HIS DESIRES FOR REALITY"

"Boeing is its wishful thinking (…), the A350 is not affected by the outcome of the WTO.Together with the four states (France, Germany, Spain and the United Kingdom), we move at full speed, "said Rainer Ohler, communications director of Airbus.

Boeing believes his side a legal principle has been established.

"The continuation of projects to provide four to five billion dollars of public money to Airbus for the A350 to different conditions from those of the market is not only unacceptable but prohibited by the WTO ruling," said a Spokesman for the U.S. group.

"It is really time that Airbus soars with his own wings.It is a company ripe, the world's largest manufacturer of commercial aircraft with cash of nearly nine billion euros, "he added

"He is perfectly capable of using its own cash and to use commercial loans to finance development of its aircraft."

In its report, the "special" WTO said Wednesday that Airbus could launch a series of civilian aircraft thanks to subsidies from the EU and member states as France, the Germany, Spain and the United Kingdom.

Without this aid, Airbus has been a very different company and much less powerful, the report said.

The United States believes that loans to Airbus were with special rules and illegally export related, which belies the EU.

The issue of reimbursement of past public assistance is a sore point – the question is whether the WTO decisions are truly authoritative.

No funding has never been repaid, underscore lawyers.In principle, business decisions are not retroactive.

Nevertheless, the EU should use the WTO ruling within 30 days.

"We're pretty optimistic that an appeal from the EU has a good chance to succeed and resolve the many issues that we do not understand in the current report," said Rainer Ohler.

EADS, Airbus's parent company, closed in fall of 2.87%, to 16.385 euros, while around 16:00 GMT, Boeing yielded 1.4%, to 61.87 dollars.

List of values to follow Wednesday on Wall Street.

* ADOBE SYSTEMS. The software company announced Tuesday the results of the first quarter of its 2009-2010 fiscal year better than expected and also reported predictions of the second quarter exceeded expectations.

In meeting pre-market trading, the title leapt from 6.1 to 37.35 dollars after closing Tuesday at 35.22 dollars.

* LENNAR.The fifth U.S. real estate developer has significantly reduced its quarterly loss, and assured to be on track to return to profit this year.

The group based in Miami (Florida) recorded a loss of 4 cents per share for its fiscal first quarter, against a deficit of 98 cents per share, a year ago.

In exchange for pre-market title, which closed Wednesday at 17.06 dollars, advanced by 3.8%.

* GENERAL MILLS.The food group has published on Wednesday quarterly profit beat expectations, helped by sales of its new products such as Cheerios cereal Chocolate and attention paid to the company reducing its costs.

General Mills, which also produces the Yoplait yogurt, posted earnings per share (EPS) of 96 cents for its third fiscal quarter ended February 28, cons EPS of 85 cents a year earlier. Excluding this exceptional earnings were 97 cents, while analysts had forecast EPS of 93 cents.

Closing price: 73.57 dollars

* DELL.The world number three PC is a turnover of five billion dollars in China in 2010, said Wednesday its CEO Michael Dell.

Closing price: 15.22 dollars.